Is it possible to delete or lower the permissions of the current account? Exactly what the title says.  I would love to know if you can fully delete or lower the permissions of an admin account that is currently in use (from aforementioned account).  Thank you in advance!
No - admin users or not, you can't delete the logged in user using the system preferences panel. 

You can remove admin permissions, but until all processes get killed (logging out will also work), the running processes are still privileged.