You can do this by listening to an audio track and pressing the * key on the number pad. You can use Audio Levels to mark beats. Trapcode has Audio Levels that performs the same function. You can use Premiere Pro to analyze audio for speech recognition and add the metadata to an audio file so words show up as markers with labels in AE.
What exactly are you trying to do? Most of the time I just listen to an audio track and tap the * key.
Dear Rick Gerard
Sorry for the late reply. I have been travelling. THANK YOU so much for your reply. it does EXACTLY what I want!! In the end (and before I read your posting) I resorted to Audition to create some markers and it worked really well. Your solution is much better and the one I will use in the future. Thank you so much!