A degree wheel is used to measure the cam's position in relation to the crank's (and piston's) position. If you buy an aftermarket cam gear that has slotted bolt holes, you can advance or retard the cam's relative position. This will alter the point at which the valves open in relation to the piston's position, but will not change the amount of time or how much they're open, that's determined by the profile of the lobes. In most cases, retarding cam timing moves the powerband toward the top end, and advancing moves it toward the low end.
'00 416ex -- 11:1 Wiseco, stage 1 HotCams, LEXX slip-on w/ modded header, ASR +2 arms, 450r shocks, G-Force axle, FST style cooler, Trail Tech bars and clamp
Temporarily retired from my extremely short (but successful) racing career.
Maybe some IXCR in the near future.
A government big enough to give you everything you want is strong enough to take everything you have. - Thomas Jefferson
None are more hopelessly enslaved than those who falsely believe they are free.
-- Johann Wolfgang von Goethe