Greetings to all.

I have just ordered Poser 5 and waiting for delivery.
I have two main questions:
Can I edit objects within the Poser 5 environment or is this only for positioning pre-existing formed objects? Ex. creation of objects, extrusions, point edits, face edits, adding my own textures created in PSP8, photo backgrounds, etc.
Is V3 a stand alone product or an add on for Poser 5 and is it essential to the Poser 5 in order to create the scenes which I have viewed on this site? Also is it necessary to have and install V3 in order to use the additional add ons that claim they are for V3?
Please help. This is all a bit overwhelming.

D. Day