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You can select and audition a preset by
simply clicking on the name in the list. This is helpful to be able to compare
presets without actually "loading" them or replacing your current
settings.
To return to your current settings, meaning the settings
that were in place before you entered the preset system, you can either select
the item labeled "<Current
Settings>" or click the Cancel
button to close the preset system.
To select a preset and have it replace your current settings, just select the
name of the preset and click the OK button. Note that your last selected preset
will be italicized with a faint highlight to provide a visual reference for
updating presets. In the screenshot below, "Combo - Spatial Reasoning" is the
last selected preset, and "Combo - Saw" has just been selected by the user.

Sort by Name, Last Used, or Last Modified:
As a convenience you can sort presets by name, by the time/date last used, or the time/date last modified.
Last Used: A preset is considered "used" when you select it and you close the preset system dialog. The last used time/date stamp is not updated when you are selecting and auditioning presets from the list.
Last Modified: A preset is considered "modified" when you either create one or you make changes to one and update it with the Update button.