Keep the amp set up in a simple fashion. Don't push in any of the switches until you can get a good tone with just your bass, gain knob set the right way and the master volume set. Put all of the knobs at the neutral position or shut them off.
Small adjustments will get the tone you want, learn what each knob does tone wise before doing anything further. http://www.peavey.com/assets/literat...s/00453800.pdf
Read the manual too. Figure out how to bypass, use, boost and cut with all of your knobs. Whatever you do not know, post back here with questions. You can not tackle everything on the head at once, break it down piece by piece and have fun!