Unless otherwise noted, spending a Victory point is a reaction, taking no time, and you can spend as many Victory points as you have. You can spend Victory points for any of the following:
Edit Scene
You can “edit” a scene to grant your hero an advantage by adding or changing certain details. For example, a hero is fighting a villain with plant-based powers in a scientific lab. You deduce the villain may be weakened by defoliants, so you ask the GM if there are any chemicals in the lab you can throw together to create a defoliant. The Gamemaster requires a Victory point to add that detail and says the right chemicals are close at hand. Now you just have to use them!
How much players are allowed to “edit” circumstances is up to the individual Gamemaster, but generally Victory points should not be allowed to change any event that has already occurred or any detail already explained in-game. For example, players cannot “edit” away damage or the effects of powers (Victory points already allow this to a limited degree, see the following). The GM may also veto uses of editing that ruin the adventure or make things too easy on the players. This option is intended to give the players more input into the story and allow their heroes chances to succeed, but it shouldn’t be used as a replacement for planning and cleverness, just a way to enhance them.
Heroic Feat
You can spend a Victory point to gain the benefits of one rank of an advantage you don’t already have until the end of your next turn. You must be capable of using the advantage and cannot gain the benefits of fortune advantages, only other types. If the advantage has any prerequisites, you must have them to gain the benefits of the advantage as a heroic feat.
Improve Roll
One Victory point allows you to re-roll any die roll you make and take the better of the two rolls. On a result of 1 through 10 on the second roll, add 10 to the result, an 11 or higher remains as-is (so the re-roll is always a result of 11-20). You must spend the Victory point to improve a roll before the GM announces the outcome of your initial roll. You cannot spend Victory points on die rolls made by the GM or other players without the Luck Control effect (see Powers).
Inspiration
You can spend a Victory point to get sudden inspiration in the form of a hint, clue, or bit of help from the GM. It might be a way out of the villain’s fiendish death-trap, a vital clue for solving a mystery, or an idea about the villain’s weakness. It’s up to the GM exactly how much help the players get from inspiration and how it manifests, but since Victory points are a very limited resource, the help should be in some way significant.
Instant Counter
You can spend a Victory point to attempt to counter an effect used against you as a reaction. See Countering Effects in Powers for details.
Recover
You can spend a Victory point to recover faster. A Victory point allows you to immediately remove a dazed, fatigued, or stunned condition, without taking an action. Among other things, this option allows you to use extra effort (previously) without suffering any fatigue. Spending a Victory point to recover also lets you convert an exhausted condition into a fatigued condition.