Thanks for the question.
mooncake wrote:

HI,
I just downloaded the free version for a tryout. I realized that in the KW field it states that fill in "a keyword or keyword phrase". Just wondering what if I have more than one keyword?

If you're talking about SEO SpyGlass then the keyword you input just determines the one site that the project was built for. If you enter a combination of words then the site ranking as #1 for that combination of words will be selected.
You can create several projects for a set of keywords via File -> New Project (Expert options) -> Create Numerous projects.