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There are 3 ways to play Age of Sigmar; Open, Narrative and Matched. Matched play is the tournament standard, the most popular and the most akin to other editions of Warhammer so I'll start with that.
Matched: look at page 108 of the GHB for a full explanation. To be able to summon new units you need to set aside points as "reinforcement points". For example in a 2000 point game you could choose to have 1500 points of units selected normally and 500 points set aside as reinforcement points.
When you set aside points for reinforcements you do not have to declare what you will be using those points for, you decide that mid-game which makes it a great utility mechanic. For example your Chaos Wizards could try and summon a Bloodthirster or they could try and summon some Bloodletters depending on what you need. For each successful summon you deduct the models points cost from your Reinforcement Points.
You do not need to have the model in play already for wizards to know the spell on the warscroll. For example you can summon a Bloodthirster without needing to already have a Bloodthirster on the battlefield (this is addressed in an FAQ).
Open and Narrative: For open and narrative play, there is no limitation on summoning. But it is important to remember that both game modes aren't designed for cutthroat play. I don't particularly play either game mode now, but back before the GHB (when these two modes were default) the most important thing in my opinion was to declare what you will try and summon. This is because the games have no points values and so players try to balance the forces themselves. In the middle of battle of you suddenly summon a Bloodthirster that you opponent wasn't expecting it can throw the balance off and create and bad experience for both players. If it is for narrative play you should weave it into the narrative, ("my wizard has a powerful talisman with a Bloodthirster bound to it, he will try to summon it into this realm during the battle so be prepared!"). If it's open play you might just want to tell your opponent so they can choose something similar to go into summoning reserves or to have a few more models on the board in anticipation for it.
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