The practical application of the First Precept is to practice nonviolence and compassion. Many Buddhists become vegetarian or vegan because of this precept, though not all.
The Second Precept is to avoid things like theft, fraud, or other exploitative practices.
Different cultures and schools have, as one could guess, interpreted this Precept differently throughout time. However, the core of the Third Precept is to avoiding harm of another through sexuality. No coercion, deception, or exploitation.
The Fourth Precept tells us to avoid deception, gossip, and slander. Before speaking, it's often best to ask oneself the following questions: is it true? Is it beneficial? Is it timely?
The Fifth Precept is about avoiding drunkenness, addiction, and maintaining mental clarity. Interpretations vary, but it's important to understand the spirit of a rule, rather than trying to skirt around it with rationalization. It is also important to keep in mind that many medicines can function as intoxicants, and it is always best to listen to the advice of your physician when it comes to medicine.
These are the basic ethical guidelines in Buddhism. They are what all practitioners, both lay-followers and monastics, follow. Though monastics (monks and nuns, etc) follow a wider list of precepts, these five are foundational for all Buddhist practitioners. Coming from a Western point of view, it's easy to view this as a list of "commandments," or potential sins. But rather, they are a set of practical principles for living a moral and compassionate life. They are pragmatic rules to follow to keep you from hurting yourself and those around you.
In my opinion, the core of the Dharma (the teachings of the Buddha) is expressed in these fundamental precepts. These are, however, not the only aspects of living as a Buddhist. To be a "Buddhist," one must embrace, or 'take refuge in,' what are commonly called the Three Jewels.
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