One can take the Bodhisattva vows, if one wants to commit oneself to the path of wanting to help all sentient beings, and therefore striving for Buddhahood. A Bodhisattva (bodhi = enlightenment, sattva = being) is a person with the bodhicitta motivation. This is not necessarily a practice for small minded or fearful people, as Lama Anagorika Govinda writes in A Living Buddhism for the West:

"Fearlessness is the most prominent characteristic of all bodhisattvas and all who tread the bodhisattva path. For them, life has lost its terrors and suffering its sting. Instead of scorning earthly existence, or condemning its 'imperfection', they fill it with a new meaning."

Going through the ritual of taking the vows does not really 'give' the vows. It is said that you only really receive them if you genuinely experience development of bodhicitta, which is a deep realisation. The ceremony is intended to give imprints on the mind so we can develop this precious altruistic attitude.
The main vow is to always work for the benefit of all sentient beings. The Bodhisattva vows go beyond just this life, and are basically being taken until all sentient beings are enlightened!

The Bodhisattva vows consist of the so-called 18 root (or main) vows and the 46 minor vows, which are given in the page on Bodhisattva Vows.

"We will now speak about the benefits of the bodhisattva vow. In the sutrayana teachings, there are 230 benefits talked about by the Buddha. We will condense these and explain them in four points.
The first benefit of having obtained the bodhisattva vow is that through the practice of bodhicitta, we will learn how to remove suffering and obtain happiness. We will come to recognize that the root of all happiness is bodhicitta.
Secondly, having developed bodhicitta, not only do we experience our own happiness that is free from suffering, but with the bodhisattva vow, we are able to benefit others by giving happiness and removing suffering. For example, a long time ago Buddha Shakyamuni turned the wheel of Dharma in India in a place known as Bodh Gaya. Because the Buddha turned the wheel of the Dharma and revealed the teachings, they spread to many other countries where people practiced them and achieved the complete realization of Buddhahood, the experience of ultimate happiness free from suffering. How did all those beings obtain Buddhahood? They did this by following the instruction of Shakyamuni Buddha. How did Shakyamuni Buddha himself obtain the level of the ultimate experience of happiness? In the very beginning he developed what is known as bodhicitta. Through the development and perfection of bodhicitta, the Buddha was able to benefit limitless beings. When we begin to develop the altruistic attitude of bodhicitta, it may seem to be quite limited, as a very small number of such thoughts arise in our mind, and we think this really cannot help anybody. However, in the long run, as bodhicitta develops, we become more familiar with it and realize that this buddha activity is the source of all happiness, and the method to remove suffering and benefit uncountable beings.
The third benefit of obtaining the bodhisattva vow and developing bodhicitta is that since we all have our greatest enemy within ourselves, the conflicting emotions, through which we experience endless suffering, it is bodhicitta that gives us the strength to overcome these conflicting emotions. Bodhicitta is like a sword that cuts through all suffering .
The fourth benefit of developing pure bodhicitta is that it is the root of obtaining ultimate happiness for self and others. If it is not pure, we can not experience happiness, nor can we teach others to experience happiness. Bodhicitta is like a precious, wish-fulfilling jewel."
~ Venerable Thrangu Rinpoche ~

PRACTISING THE 6 PERFECTIONS

On the path of a Bodhisattva, one should practice what are called the six perfections of: giving, ethics, patience, joyous effort, concentration and wisdom. The first five are methods, the last, wisdom, is necessary for any of them to function.
It is said that mainly the first three are practices for the lay people, joyous effort and concentration mainly refer to meditation practice.

Giving

Giving one's possessions, virtues, even one's body if needed.
Giving of fearlessness, or protection to others.
Practising mentally giving to others.
Giving of Dharma, the Buddha's teachings.

'Others are my main concern. When I notice something of mine, I steal it and give it to others.'
Shantideva

Ethics

Keeping one's vows.
Working for sentient beings.
Restraining from negative actions.
Collecting merit (with the motivation of helping others).

Patience

Having patience in understanding Dharma and gaining faith.
Being undisturbed by anguish from suffering.
Practise patience before getting angry.
Having patience in accepting problems.
Being undisturbed by inflicted harm.

Joyous effort / perseverance

Collecting merit and helping others
Delighting in virtue and every beneficial action.
Avoiding putting off; craving worldly pleasures and discouragement.

'It is not good to begin many different works, saying 'This looks good; that looks good', touching this, touching that, and not succeeding in any of them. If you do not generate great desires but aim at what is fitting, you can actualise the corresponding potencies and become an expert in that. With success, the power or imprint of that practice is generated.'
His Holiness the Dalai Lama from 'Tantra in Tibet'

Concentration

Developing quiescence; single pointedness, stability & firmness (meditation)
This brings great progress in any meditation practice and supernatural powers.
Cultivating inner needs: to have few wants and generating contentment, abandoning demands of the world, and have pure ethics.
Creating outer needs: conducive place: quiet, easy food & water, blessed place, not too comfortable and a helper.

Wisdom

Generating ultimate wisdom (emptiness) to achieve liberation and Buddhahood.
Generating relative wisdom in practising the first five perfections and understanding karma.
Wisdom and compassion are the foundatiuons of Mahayana practice.