Whitespot comes in with your new fish pretty much every time you buy some (consider it a free gift) and unless you have a quarantine tank the chances are that you'll be dealing with whitespot on a regular basis.
The good news is whitespot is easy to treat and unless it really gets out of control, doesn't kill fish.
Using whitespot remedies is easy, just follow the instructions. Some "oddball" species of fish are sensitive to the medication (usually copper compounds): things like puffers, moray eels, mormyrids. Invertebrates (with the exception of snails, seemingly) also react badly, so remove any shrimps or crabs. Regular stuff, your tetras, barbs, cichlids, and so on are fine. If in doubt, consult with your retailer, visit the website of the manufacturer, or ask around at a forum like this one.
There is a resistant strain of whitespot doing the rounds. It might be a totally different parasite for all I know, but it is quite common in the UK and some treatments don't work first time. You will need to treat two or three times to get this little blighter! I have found the eSHa Exit 2000 brand works well on this "super whitespot", as have some of the retailers I have spoken with.
Nitrites are bad, and suggest problems with your filter. If you are overstocked, add a new filter or remove some fish. If your tank is immature, then go easy on the food for a while.
Nitrates are not so bad. Taking fish from low nitrate water and dumping it in high nitrate water can kill them, but fish that have been in the tank for a while will be adapted to it. Try and lower the nitrates by doing more frequent water changes and/or using water with zero nitrates to begin with. Rainwater is nitrate free, but the municipal water our of your tap/faucet usually isn't.
Basically, you should treat for whitespot and try and fix the nitrite/nitrate problem as soon as possible. I'd prioritise the whitespot. Most treatments require you to dose the tank several times over a few days. Don't do water changes between dosing the tank (obviously), but also remove any carbon before adding medicine. Carbon removes to medicine.
Cheers,
Neale