What does it mean to be babtized and not to be babtized?

Okay this is a serious quesstion about religion and your soul and getting babtized. When a person gets babtized, does that mean that that person has given his soul to God?. And what about the person who hasnt been babtised ever in their life. Do they have different "spiritual rights" like, for example, they can sin without bein punished for it? Whats the difference between a person who hasnt been babtised and the ones who have been. Thank you for your attention.