How does Chill Touch work?

[Baskineli]

You can use this melee touch attack (http://www.d20srd.org/srd/combat/combatStatistics.htm#touchAttacks) up to one time per level.

I am a pretty new at wizarding, but what does it actually mean? If I am playing a level 3 wizard, does it mean I can touch 3 monsters in the same round? Or each round I can touch only one, but after the 3rd round the spell ends?

[Dhavaer]

You can touch as many creatures as you have attacks each round, until you run out of uses.

[Counterspin]

You can use it as many times as your BAB allows you attacks. Once you've successfully connected (Your caster level) times, the spell is entirely consumes and gives no benefit.

[Baskineli]

Can I use other spells before Chill Touch is over? Does it affect the spell?

[Counterspin]

*I am once again corrected by the SRD*

Also, it bears noting that chill touch is terrifyingly broken, at least in my opinion.

[Dhavaer]

Can I use other spells before Chill Touch is over? Does it affect the spell?

Casting a spell while 'holding the charge' on a touch attack spell ends the touch spell. So no, you can't.

[DaMullet]

Holding the Charge

If you don’t discharge the spell in the round when you cast the spell, you can hold the discharge of the spell (hold the charge) indefinitely. You can continue to make touch attacks (http://www.d20srd.org/srd/combat/combatStatistics.htm#touchAttacks) round after round. You can touch one friend as a standard action or up to six friends as a full-round action (http://www.d20srd.org/srd/combat/actionsInCombat.htm#fullRoundActions). If you touch anything or anyone while holding a charge, even unintentionally, the spell discharges. If you cast another spell, the touch spell dissipates. Alternatively, you may make a normal unarmed attack (or an attack with a natural weapon (http://www.d20srd.org/srd/specialAbilities.htm#naturalWeapons)) while holding a charge. In this case, you aren’t considered armed and you provoke attacks of opportunity (http://www.d20srd.org/srd/combat/attacksOfOpportunity.htm) as normal for the attack. (If your unarmed attack or natural weapon attack doesn’t provoke attacks of opportunity, neither does this attack.) If the attack hits, you deal normal damage for your unarmed attack or natural weapon and the spell discharges. If the attack misses, you are still holding the charge.

Glad I could help.
Gah, Dhavaer the ninja.

[AtomicKitKat]

Also, it bears noting that chill touch is terrifyingly broken, at least in my opinion.

It's not. Really. You have to use your crappy Wizard BAB(an astounding 0+ very likely -1 or 0 Strength mod), get into melee range(or use Spectral Hand, thereby devouring another slot/spell known), and the opposition then has to fail a Fort save(which is pretty low, due to it being a 1st level spell and all), in order for it to drain a measly 1 Strength. By the time it actually gets useful(say, around ECL 6 or better), you have access to far better save or lose spells(3rd), or you can Heighten it to increase the DC(but still a crappy 1 Strength). It only really gets any good use if you have spent Ray of Enfeeblement on the target first, so that you can hopefully paralyse him with Chill Touch's penalty.

[Counterspin]

I'm thinking of chilling grasp from Frostburn, I think.

[Jack_Simth]

It's not. Really. You have to use your crappy Wizard BAB(an astounding 0+ very likely -1 or 0 Strength mod), get into melee range(or use Spectral Hand, thereby devouring another slot/spell known), and the opposition then has to fail a Fort save(which is pretty low, due to it being a 1st level spell and all), in order for it to drain a measly 1 Strength. By the time it actually gets useful(say, around ECL 6 or better), you have access to far better save or lose spells(3rd), or you can Heighten it to increase the DC(but still a crappy 1 Strength). It only really gets any good use if you have spent Ray of Enfeeblement on the target first, so that you can hopefully paralyse him with Chill Touch's penalty.
Its primary purpose is high caster level wands for the "two weapon" fighting rogue to UMD.

Makes all those tasty sneak attacks touch attacks.

[Starbuck_II]

It's not. Really. You have to use your crappy Wizard BAB(an astounding 0+ very likely -1 or 0 Strength mod), get into melee range(or use Spectral Hand, thereby devouring another slot/spell known), and the opposition then has to fail a Fort save(which is pretty low, due to it being a 1st level spell and all), in order for it to drain a measly 1 Strength. By the time it actually gets useful(say, around ECL 6 or better), you have access to far better save or lose spells(3rd), or you can Heighten it to increase the DC(but still a crappy 1 Strength). It only really gets any good use if you have spent Ray of Enfeeblement on the target first, so that you can hopefully paralyse him with Chill Touch's penalty.
Note Chill Touch isn't a penalty, but damage.
Please don't comment that it is a penalty; it confuses people.

Combine with Spectral hand to do touching for you: saves spells as it works 1/level with chill touch, cost both a 1st and 2nd level spell though.