Gamma-Ray Bursts (GRBs) are the brightest known explosions in the universe, thought to result from the collapse of massive stars and the formation of neutron stars or black holes, in a process that produces a highly energetic beam of gamma radiation, occasionally at the right viewing angle to be seen from earth, followed by a bright, multiwavelength afterglow at optical and other wavelengths. My master's thesis work in the Harvard University Department of Astronomy with Professor Ramesh Narayan and Professor Joshua Bloom focused on testing the potential applications of Gamma-Ray Bursts for cosmology by studying GRB spectra and energetics. We found that GRBs are currently not well-suited for precision cosmology compared to other better studied standardizable candles such as Type Ia supernovae, underscoring the difficulty of developing cosmological distance determination methods with novel classes of astrophysical events.