Am I able to import Power Point files into CS4 and if so do I retain any animations within those files.Can you give me a Dummies Guide through please?
To see what formats Illustrator (or any other program) can import and export, either read the instructions (in Illustrator's case, the online Help) or just go to the import and export dialogs and look at the formats listed in the popup menus.
That's not to say you can't get content from Powerpoint to Illustrator; it's just to say you can't directly import a native Powerpoint file. You can save (export) the Powerpoint in some format that that Illustrator can import (example: PDF).
Animation will not import; just text, images and paths. Illustrator has no animation features, other than a few conveniences for exporting a stack of objects as separate files that can then be used as individual animation frames in other programs.
Am I able to import Power Point files into CS4 and if so do I retain any animations within those files.
How should you? I mean, if it were possible, nobody would need PowerPoint anymore, wouldn't they? It's a proprietary Microsoft format. Some image viewers can display the "flattened" version of a slide and embedded images, but that's it. If you need to retain animation, export from PowerPoint, not the other way around.