How exactly do higher/lower leverages work?

If I am leveraged at 10:1 on and i trade 1 lot I figure I can lose about 1000 pips on a trade before I lose that entire lot?

I understand that all pairs are different but lets assume the pair is worth exactly $1 per pip.

Conversely if i am leveraged at 100:1 I can lose only 100 pips before I lose the entire lot.

Is this right?

wen u open a trade for $1 a pip, your maximum loss is usually your available margin. Your broker platform should tell you this figure.