It will only search for what you input. This might not be the end solution for you, but I'm sure it's going to be your starting point. Did you actually try using this yet? Give it a whirl, and I think it might answer your questions.
The first wild card will allow for variables before your input. So if I have ONLY the first wild card, and I run the query and enter "ountain" in the window that will pop up (remember, the "[ ]" brackets tell Access this is a parameter query, and it will bring up a pop up window for you with whatever text you put in the brackets), it will return EVERY record that has data ending in "ountain" for that field. It would return "mountain" and "bountain" and "dfshfskjfhountin" and "34034534ountain".
The second wild card will allow for variables after your input. So, following the example above, if you have ONLY the second wild card, it would return "ountain340983059" and "ountainsdlkfjslfk" and so on; any records that have "ountain" in the beginning of that field. Using both wild cards together will let you widen your query.
Seeing how the wild cards work, along with the qualifiers (i.e. Like, Is, Is Not, =, and so on) can help you open up or pare down your queries. From there, clever use of "or" (or the extra criteria spaces) can give you yet more options. Experiment, experiment, experiment!
Let us know how that works out for you!