GA Event Tracking

Hi, I have searched the forum and doesn’t find any solution to my queries.

In the General Setup > Footer and Analytics > Google Event Tracking [ ON/OFF ] option , what does it do ? What even does it track ?

I have inserted the GA tracking code code in the box and keeps this option ON. Now are my click on the View Coupon buttons are recorded ? or I have to put any other code along with my GA tracking code in the box ?

I have searched the google and found that, I have to use the event tracking code after the each affiliate link, do I have to put this code manually after each tracking code ? or something else.

Our coupon button opens a link as mydomain.com/out/ID/link/ . Can’t we use the GA Event Tracking Code after each such links, by manipulating any PHP file ?

Replies are welcome.