I need to reset the pivot
 

somehow i managed to press insert and the pivot point got all crazy and flew away.

How can i reset the pivot point back to normal mode so that it follows the vertex and edges like it did before?

You can either manually move the pivot point back to where you think it should go, or you can go modify > center pivot. Not sure what you mean by the pivot point following the vertices and edges though. Hope that helps.

also if you want increase or decrease size of pivot use shift + +/-

If you have frozen transforms the pivot it will be oriented to the global axis and no longer oriented to the objects local axis. There are several option to align the axis to an axis or edge for instance. You can also create a cube orient it to the objects desired axis parent the object to the cube and then freeze its transforms. You can then unparent the cube and delete it. The objects local axis will be set to the local axis of the cube that it was parented to.