Question: "For example, the variety may be connected, compact and have a singular point, what does this tell us about it's coordinate ring and it's corresponding ideal?"
Answer: If $k$ is the field of complex numbers and $f(x,y)\in k[x,y]$ is a polynomial, it follows the quotient ring $A(C):=k[x,y]/(f(x,y))$ is the "coordinate ring" of the curve $C:=Z(f)$ defined by the polynomial $f$. By definition: $Z(f)\subseteq k^2$ is the set of zeros of the polynomial $f(x,y)$.
Example: Let $f(x,y):=y-x^2$. It follows its zero set is the (complex) parabola. As a set $C$ is the set of points $(z,z^2)\in k^2$ where $z\in k$ is an arbitrary complex number.
Properties such as singularity, non-singularity, reducibility, dimension, etc are reflected in the coordinate ring $A(C)$. If $C$ is non-singular it follows $A(C)$ is a regular ring. The dimension $dim(C)$ is reflected in the ring $A(C)$: We may define the "ring theoretic dimension" $krdim(A(C))$ of $A(C)$ and it turns out $krdim(A(C))=dim(C)$. The curve $C$ is irredicble iff the ideal $I(C):=(f) \subseteq k[x,y]$ is a prime ideal. The curve $C$ is a disjoint union of "curves"
$$C:=C_1 \cup \cdots \cup C_n$$
iff there is a direct sum decomposition of rings $A(C) \cong A_1 \oplus \cdots \oplus A_n$. The tangent space $T_x(C)$ of $C$ at a (closed) regular point $x$ may be defined as
$$T_x(C):=(\mathfrak{m}_x/\mathfrak{m}_x^2)^*,$$
where $\mathfrak{m}_x \subseteq A(C)$ is the maximal ideal corresponding to $x\in C$. You may always define the vector space $(\mathfrak{m}_x/\mathfrak{m}_x^2)^*$, and it follows
$$D1.\text{ }dim(C) \leq dim_k((\mathfrak{m}_x/\mathfrak{m}_x^2)^*)$$
for all closed points $x$. We say $x$ is a regular point iff $D1$ is an equality. Hence you use the ring $A(C)$ to define "regularity".
Question: "Also what do the operations of the coordinate ring correspond to? What does, say multiply polynomials on the coordinate ring mean for the corresponding points in the variety, if I have for example two polynomials p,q in the coordinate ring, p and q correspond to a set of points in a variety, what points do p+q and pq correspond to?"
Answer: You should view $A(C)$ as the "ring of globally defined functions on $C$". Two (equivalence classes of) polynomials $f,g\in A(C)$ define functions (when you are working over an algebraically closed field $k$)
$$f,g:C \rightarrow k.$$
When you add or multiply $f,g$ you add and multiply these functions. The "nullstellensatz" implies there is a 1-1 correspondence between maximal ideals $\mathfrak{m} \subseteq A(C)$ and points $(a,b)\in k^2$ with $f(a,b)=0$. Hence there is a 1-1 correspondence between (closed) points $x\in C$ and maximal ideals $\mathfrak{m}_x\subseteq A(C)$.