My wife picked up a ceiling fan from a friend. However the only information that I can get off the fan is that it has a model # ELD52BB. A web search finds nothing on this model. This ceiling fan is rated at 120 volts, 60HZ & 3.05amps. It has four wires white,black,blue & green.The wall switch rated 120V & 60HZ it has two knobs one for the fan rated 3 amp max & one for the light and is rated 300 Watt Max. The ceiling box has two sets of wiring one set that is wrapped with a white covering has a white,black & copper. The second set that is wrapped with a black covering has a white,black,red & copper. Could someone please help me figure out how I'm suppose to connect all of the wires.

Tell us what wires you have at the switch box on the wall?
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I am pretty sure you will find a red, black white and bare wire in the switch box. Installing the switch to these wire is simple, white to white; black to black and red to red. The bare is a ground and it can be scrwed into the metal box if you can prove its already grounded. Now in the canopy, black to black, white to white, red to blue for the light kit. Bare and green connect to each other.

The wall switch has a black,white & red wires.

So do I only use one set of the wires in the canopy?

Remove the wire nuts on the balck and white and attach a pigtail which runs to the fan. I have no clue why the black and white appera to run to another box or receptacle but whatever it is it will only have power while you have your switch turned on, was there a second fan at one time?

When I bought this house it only had one. Excuse my ignorance, but what do you mean by pigtail. And which set of black and white wires.

I guess you can skip the pigtail since it will not save you any work but this is how to do one.
How to Use Pigtails to Wire a Triple Electrical Switch Box | eHow.com You only have one set of black and one set of white. Remove the wire nut on the two blacks and attach your black from the fan. Now do the same with the whites. Remember red goes to the blue to power your light.

At this point I am going to say that you are probably missing a part.

The switch concerns me. The switch is probably part of a kit that was used to control both the fan and the light at the wall switch location. There is probably a control module that was installed in the fan canopy.

If the switch was just two on/off switches, with variable resistors to control fan speed and light brightness, it would not have a white wire. The white wire would be some other color. White indicates a neutral. You do not have and do need a neutral with the existing wiring.

Suggest that your wife ask friend is there was any other component that was in the canopy when it was removed.

Otherwise, I suggest that you install two new switches. One would be a dimmer switch for the light and one a regular toggle switch to turn fan on and off.

Switches are available that are in effect two on/off switches on one yoke that will fit in a single gang box. You might be able to find one that is a combination dimmer switch and a regular on/off switch that will fit in the box.

The picture of the switch is the one that was already on the wall. Could I just use the set of wires in the canopy that have the black,white,red & ground. And just cap off the other set?

Ok, the switch goes with another fan/light and used a remote module in the canopy. That would also explain the present wiring in the ceiling.
I think you are going to have to discard the switch and replace it with regular dimmer switch. You would then control the light with the dimmer on the wall and control the fan with the pull chain.
If you chose to do that, you would separate the two white wires, connect the white of the fan to the white of the two wire cable (white sheathing), connect the black of the fan to the two black wires presently connected together, connect the blue of the fan to the red wire.

At the switch connect the black to the input black of the switch and the red to the output of the switch.

Cap both ends of the white with a wire nut.