I have been playing for a couple of days with Django Admin to explore it, but I am still clueless of how it can be customized in the way we need.
Every time I look
You are not providing enough details on what you want to achieve, so it's difficult to say how complex the task is. You might also want to consider not modifying the admin site at all and building your own views where appropriate.
However, here are some good links to get you started: