I remember my professor telling me in lecture that the Schrodinger equation gives legal quantum states. I never used the actual equation to do any calculations, but understanding it can be just as powerful:
("Hamiltonian Operator")*("wave function") = ("wave function")*("Total Energy")
(mentally replace the words in quotes with their corresponding Greek symbols)
Now, what the equation means conceptually is that solving for the wave functions gives us four legal quantum numbers: principle quantum number (QN), angular momentum QN, magnetic QN, and spin QN. So yes, knowing these quantum numbers will tell you a lot about electron configuration. I am not sure what your Chemistry background is, but I am sure you have or will learn about p shells, and s shells and all that fun stuff... An electron shell is the region in space where you can find an electron 90% of the time.
The equation in general is important because it proves that the electron behaves both like a particle and a wave and that energy is quantized.
As for your confusion concerning how an electron can be both a particle and a wave, there is no simple and straightforward answer. The way I understand it, is that an electron cannot be both things at the same time. It acts like a wave when we shine a light on it (aka when we try to LOOK at it, so to speak), but it also has the capacity to act like a particle when we turn off the lights and focus our attention on something else.
If you are really interested in this, I recommend reading Feynman's Lecture on the subject of quantum mechanics (just google "feynman's lectures"). He explains it very well in his book.