There is a litlle STOPWATCH icon next to any parameter setting.
I am sure you will see it in the Help File but I do recomend a book like Classroom in a Book for AEFX CS5.
Keyframes are what drives AEFX.
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Since you're new to After Effects, I very strongly recommend that you start here and work your way through the materials linked to:
thanx for the beginner stuff, Ill definitely look it over.
About the keyframe thing, it says to click a diamond shaped button as well as a stopwatch button, where are those buttons?
They're in the Timeline panel. It really helps if you've gone through the basics so that you know these things. Please go through the getting-started resources that I pointed you to; it will make things much easier for you, and it will make it easier for you to ask questions and understand the answers.
In case some one gets confused too. I found the stop watch icon (looks like old alarm clock) in my added effect option (hue saturation in my case) there i clicked it. So as i understand it works trough effects u want to create and not by adding key frame then picking effect.