You can't drag points to extrude elements in After Effects.
But even if you could, a ball is not an extrusion
As of CS4, you can now bring 3D objects into After Effects from Photoshop Extended and you can navigate around them in 3D space.
So, one thing you could do is:
- Open your image in Photoshop Extended
- Go to 3D > New Shape from Layer > Sphere (making it look good may need further tweaking).
- Save PSD file.
- Import PSD file as Composition in AE, making sure you enable Live 3D Photoshop support in the dialog.
Once you do this, you will get your Photoshop 3D layer, plus a controller layer and a camera.
The 3D layer will keep the 3Dness if you use the controller layer or the camera to rotate, slide, etc in 3D space. Otherwise, if you try to rotate the Photoshop layer diretly, it will look flat.
For more information, take a look at Using 3D object layers from Photoshop in After Effects Help.
Also, you may want to take a look at the relevant chapter in Photoshop Help
2. Is there a way to make a 2-D Flat PIC a true Round 3-D looking ball??
No. You'd still need to introduce a depth component somehow. Which brings us to your next question:
3. Thought I saw a way to bring in Still Pics (2-D) in AE and Grab points and Strech it out to make a FLAT Pic into 3D round.
You can use Photoshop CS4 Extended's 3D features to turn any 2D layer into a height field based mesh if the data is prepared accordingly to represent the depth of a pixel. A similar technique can be employed using Digieffects' FreeForm AE natively inside AE (with the added benefit of being interactive and responding to AE 3D lights).
Anyway, maybe you are going about this the wrong way and may have better luck simulating 3D properties with otehr methods. If, as you say the object is spherical, it seems reasonable to assume it could be re-created with CC Sphere and some complementary 3D elements, refined by 2D techniques to fake specific effects for highlights or shadows.
I would use the CC-Sphere plugin, installed by default with AE.
With some cool techniques & expressions, you can even fake a "real" 3D sphere (what i mean is that you can orbit around a 3D camera).
You can check these Andrew kramer Videocopilot tutorials to know more about CC Sphere: