Most Effective Moves Using Free Weights

Recently, I bit the bullet (is that how the expression goes ) and bought myself three sets of dumbbells: 3lbs, 5 lbs, & 15 lbs. This is in attempt to tone up (and drop body fat/lose weight), by working out at home when I have the time. I work shift work, all crazy hours, plus I'm in school, preparing for Med School yada yada, and with all the gyms here closing relatively early/opening at 7am, I knew this was the best way to go. 

I have belonged to a gym for a while in the past and I've been doing bicep curls, shoulder raises, squats, lunges, and overhead triceps (whatever they're called), but I do want to change it up. 

What have you guys to be the most effective exercises using free weights toning particularly the arms, shoulders and upper back?

-V

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