With the line tool (which you can access by pressing U), you can draw lines. How can I precisely adjust the ends of the line? I can't drag from the line ends (that just makes a new line), and trying to use the normal mouse tool doesn't seem to work either.
Try to use the 'Pen Tool' P and draw paths instead. Paths are the true point-to-point lines and what the 'Line Tool' does is actually a "line" with 4 corners. Then, select different points on a path using the 'Direct Selection' tool A as @AAGD already mentioned.
The 'Direct Selection' tool A also works with lines created with the 'Line Tool', but as you start dragging you will notice the line will 'transform' into a shape with 4 corners, which is actually not a line.
So P and A are the tools you should be looking at.
Editing a line drawn with the Line Tool (U) is a bit tricky, as it's really a narrow rectangle.
You can edit the end points with the Direct Selection Tool (A) but you will find that there are actually two points at each end.
This means that by moving these points around, you might actually get a thinner line, because the rectangle gets distorted.
Once I have drawn a line, I press
v on my keyboard to switch to the move tool. Then I can modify the lines anchors.