OpenSearchServer uses Lucene as back-end. It supports the same syntax. The double quote applies a proximity query. It means that it look for close words. You can also add a distance tolerance between words (phrase slop), using this syntax:
"master business administration"~2
That way "master OF business administration" will be find. The default phrase slop is 10.
About exact spelling, it depends on which field you apply the search. On a standard OpenSearchServer template, you have two fields: content and contentExact.
"content" stores a "lemmmatized + lowercase" version of the words: "mast of busing administr"
It means you could find: "masterING of business administrATIVE".
"contentExact" stored a lowercase version of the words, keeping the original spelling.
To force using one field use the semicolon syntax:
contentExact:"master of business administration"
You can also mix both parameters:
contentExact:"master of business administration"~2
You can change the default query of OpenSearchServer as well as the semantical filters applied to fields using the web interface.
I hope this help.