I tried it. I just cant figure out how to create an opening book with games in it. I can create it the way you suggest but it has no games in the specific new opening database and I am not sure how to get games there so I can run analysis on that one database.
Fritz and ChessBase

yyankdog, on the ribbon, click "Analysis," and then from the "Openings book" drop down menu, select "Import Games." In the dialog box that pops up, you can then import any pgn or cbh archive of games, and the results will appear in the opening book (ctg).
Fritz is for playing against, analyzing games with a computer, calculation and so forth. It also heps with openings and so forth. Fritz is best if you are a casual player since it is feature rich and affordable.
Chessbase is completely different, it focuses more on openings, game preparation and analysis. It's even better if you have Chess Megabase because you have 4.5 million games as a database and thousands of them are annotated. The annotated games alone are worth the money. It is quite expensive and so only worth it if you are serious about chess. However, it has some great features. For example, you can take a game you played and after each move you can refence its database to see what and how many games that were played with exaclty the same moves as yours and where they went from threre. It also gives you stats of how many games wre won with those moves... really great if you are serious about studying chess.
In short, all chessbase products are quality and are worth the money... just make sure you don't get similar products.

A quick question: I can import the TWIC databases but don't know how to merge them in CB10 so I don't have to open each one separately. What's a simple way to do that? Thanks in advance.

ManoWar1934, hold down the control key as you click on each icon, and then drag, and drop. You may want to delete the text files before performing any operations on the new archive though just to avoid problems.

Icons? In the View menu, I guess they are called "Symbols," the little flags or faces that represent a database in the main window.

Thanks for that. I hadn't considered ICCF events. Opening a freshly created database I can use Ctrl + Copy on a TWIC screen and then paste the whole batch of incoming games into the new one. Great stuff! You'd think CB10 with its 4+ million would be enough, but there's always something new out there...

Where can I find an "Idiot's Guide to joining TWIC pgn-files to Fritz 12"?
I've been trying various suggested methods, including following the Chessbase guide, and it's not working out.
I'm using Vista Business version.

I think in Fritz 12, you would probably have to copy, and paste them one at a time. Handling database archives is more of a Chessbase function.
If I'm not mistaken, Fritz 12 does almost all the things you mentioned. I'm not sure about the opening or player reports, but it does give statistical info on opening moves, including statistics of my own games I have stored.
It also lets me install keys, but I had to download Chessbase to get keys, so I guess it serves that purpose.
Chessbase Light Premium 2009 has all the same features as Chessbase 10, and costs a lot less. You do have to buy a license though to activate all the features. The big difference is that Chessbase 10 comes with a megabase of some sort while Light Premium is gameless.