You get credits for winning PvP duels (concentual) I'm not yet sure what the credit does for you.  

You also can PK in unprotected zones (most are unprotected).  

If you attack a player your name becomes purple.   If the player attacks you back he also becomes purple.   If he decides not to attack you, his name remains white and you are unable to use your special attacks.    If you kill him using your regular attack, and he has not defended himself in anyway... then you become "red".   

If you defeat him and he fought back you will be "purple" for a  brief period of time... this allows anyone to attack you.

If you defeat him and he did NOT fight back you will become RED and anyone can attack you (I beileve without going purple themselves).

If you pk enough... (murder) and get enough negative points your status as a murderer will affect your ability to get into town and use vendors, enter dead front etc.

Thats the best I can describe it.   If I've missed some details or got some wrong its only because the in game help system does a poor job of explaining the game.

I've explained to you the pvp system the way I have experienced it.

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