Final answer:
With CRED access on their profile and public read-write OWD settings, a user can create, view, edit, and delete contact records, having full control over them within a Salesforce organization.
Step-by-step explanation:
When a user's profile has Create, Read, Edit, and Delete (CRED) access to contacts and the Organization-Wide Defaults (OWD) is set to public read-write, the user has a high level of access to the contact records. This means the user can not only view and edit contact records due to their profile permissions, but they can also create new contacts and delete existing ones. Since the OWD is public read-write, these permissions extend across the board for all users, meaning that all users can read and edit all contact records, not only the one with CRED access on their profile. However, the CRED permissions enable this particular user to also create new contact records and delete existing ones, which might not be granted to all users depending on their individual profile permissions.