I dont remember seeing them in PS7 (but they are there), but in CS there is an Action Pallete next to the history pallete. It allows you to "record" actions and then save them. For example, if cold liked that little line he does, he could record his method of color change, applying a glow, typing in his name, and applying whatever else to that specefic selection. It's a way of saving certain styles, effect creations, etc., so that you dont have to type them over and over and over again. Personally, now that I've found them, I'm gonna get alot of use out of it.
In any case, nope, I've never used 'em. Sounds useful tho.
Yep. I used them in that pic I did with the water drops all over it. Each drop had about 15 steps, which I broke down into two actions. Very helpful tool if you have alot of repetitive work to do.