http://img186.imageshack.us/img186/1795/chace7.png

I`ve been trying to figure out this "note" or what ever for a while now.
Can someone tell me what it`s called?
and What it does?
Please and Thank you!

It's a grace note.

The wiki (http://en.wikipedia.org/wiki/Grace_note) will enlighten you in what it does.

It's a grace note and it's not really a part of the beat. You just play it quickly like a sixteenth or thirtysecond note or something.

Basically, you play those as fast as possible. ;)