I seem to have gotte My Book set up and installed and it’s ready to back up and time machine is ready to back up as well.

My question, however, is aside from just backing up files, can I use this as sort of another jump drive? Meaning: Can I move all of my pictures on to the My Book so I can delete them off my harddrive to save space?

If so, how do I do this? I tried dragging a picture folder to the My Book, but when I go to the My Book home area, I can’t click on anything to see it. I was hoping to be able to also open files regularaly that are stored on this thing…

Yes, you can use the drive like a HUGE jump drive.  You should be able to drag and drop into it, or copy and paste.  Check out the link below.