If so which version can I use it in? if I'm using the wrong word I mean like there is in green screen videos where there is a moving object and you can only see said moving object and the rest of the screen is a solid color and you can chroma key it and get just the moving object.
Chromakeying is available according to this page in both basic and Platinum versions. Also masking, but masks need to be created manually unless it's simple and you can use cookie cutter effect. If you're looking at getting Movie Studio it's best to get the Platinum or Suite version, as the basic version is limited by comparison.
Also don't overlook you can download a 30 day trial to try for yourself.
Chromakeying is available according to this page in both basic and Platinum versions. Also masking, but masks need to be created manually unless it's simple and you can use cookie cutter effect. If you're looking at getting Movie Studio it's best to get the Platinum or Suite version, as the basic version is limited by comparison.
Also don't overlook you can download a 30 day trial to try for yourself.
Which version can I manually mask in?
According to the link I gave you - both. But I've never used the basic version so cannot comment how effective or easy it is.