It has preliminary support as a WFS-T client. This means you can edit data using it via a server that supports WFS-T such as Geoserver. .
It also has support for reading and editing Well-Known-Text Format (WKT) which means you can use it in conjunction with a spatial database such as PostGIS, MySQL, Oracle Spatial, DB 2 Spatial Blade that can directly output and consume WKT geometries.
The OpenLayers API documentation can be found here. OpenLayers Class Hierarchy