Okay, so this is probably an idiotic question but how exactly does peer reviewing an edit work? Do you have to be of a certain reputation to peer review edits? Who exactly reviews your edits?
Ok, just in:
I did some poking around the privileges tab and apparently, once you reach 2,000 reputation, you can not only edit any question/answer directly (without a peer review), but you can also review suggested edits.
These edits remain in a pending state until they get enough votes to either approve them and make the edits take effect or reject them and discard the edit.
Two votes are needed to either approve/discard the edit. I recommend you visit this link for more information.