With leasing you are combining your balance with other peoples balances in a pool, and as that pool forges blocks, you are paid out a % of the forging fees which are accumulated. The % you are paid out is based on the % that you contribute to the pool.
You can choose how long you want to rent out your balance for, yes. 1440 blocks = 24 hours (on average)
You aren't charging the pool to use your balance though.
You still have access to your coins while your balance is leased. You can withdraw or deposit at will, so they arne't locked when you are leasing.
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ok, Thank You for the explanation.. I understand now.  Sounds like leasing is a good deal. 
I know you guys are very busy and I appreciate what you are doing. 
Thank You for your efforts and keep up the good work.