The easiest way to create a new permission level in SharePoint is to copy and modify an existing permission level. For example, you can copy the ‘Contributor’ permission level and remove the ability to delete items by unchecking the corresponding option. SharePoint 2010 even provides a ready-to-use out-of-the-box button to copy existing permission levels.
However, modifying permission levels programmatically is a little bit less obvious as the SPBasePermission enumeration is implemented as a bit flag.