I taught paralegal studies for about 10 years, so feel free to PM me with any questions you might have.

The short answer to "What does a paralegal do" is "Whatever a lawyer wants him/her to do, as long as it doesn't involve actually practicing law." Some paralegals do a lot of legal secretarial work, while others do research, writing, fact-checking, and the like. The work tends to vary with the nature of the practice. Bankruptcy paralegals need to be familiar with the relevant forms, while litigation paralegals will be expected to stay on top of filing deadlines.