I wanted to know if I can save a file in JPEG and PSD? This is my first time using Inkscape. I need some assistant. If I can't is there a program which I can?

Inkscape can't create PSD files. It also can't create JPEG files, but it can create PNG files which can be easily converted to JPEG using other software. Try Googling "convert PNG to JPG". To save your drawing as PNG, go to File > Export Bitmap.

I saw from your other posts that your college expects PSD or JPEG. PSD files are the native file format used by Photoshop. If your college expects you to submit PSD files, it may be because they expect you to use Photoshop.

When I save my project I look at the drop down list of extensions and I dont see JPEG. Im not familiar with the other extensions but then when I try to save the file an applet pops up and said it couldnt save file save in SVG format.

If you need a good, free program, GIMP is excellent (you can google locations to get it for free). Many of us export the svg as a png, open it in GIMP, then save as a jpg.
Inkscape can open the jpg and view it, just can't save as a jpg.

zaccwilli wrote:When I save my project I look at the drop down list of extensions and I dont see JPEG.

Like I said, Inkscape can't save as JPEG. But perhaps you meant to write PNG. In which case, to save as PNG you should got to File > Export Bitmap.

Note that there is a very thorough guide at http://tavmjong.free.fr/INKSCAPE/MANUAL/html/ which you will find very useful as a new user.