sathe,

MEP is great for providing tools to do your own thing so the answer is sort of 'yes, but...', depending on just what you want to achieve. You can easily save effects by right clicking on an object and follow the menu entry Video effects' >> 'Save video sffects...', but transitions or collages etc which involve more than one object are rather more difficult. Can you outline what you want to do, particularly how you want to use a frame?

Regards,

Carl