"Saving" Effects

Forgive me if this has been asked before, but I couldn't find it in the memories.

I was just wondering if there was a way to sort of "save" effects in Photoshop 7? I think I remember someone (dtissagirl I believe) say that they used the Muted Colours effect so much that it was saved to the program so it could be automatically applied.

That would be such a lifesaver... does anyone know how to do it?

Thanks!