Neils Hotel California lesson will always be a great reference point for joining TARGET. I wanted give something back and try to contribute something I learned about using a capo for several guitar parts. DISCLAIMER: I AM NOT a guitar teacher, but I am going to try and explain as best I can. I posted this in the Hotel California thread, but I am willing to bet it will get seen more here.
KEY OF E for several you and several guitar picking friends:
The Key of E is E, A , and B7 one four and five. If you want to make another guitar part in this key you need to find where your e notes are on the lower part of the neck. There is your open E and then there is E at the second fret on the fourth string (counting down from your high e) Play that E and now play the open D note. NOW, place your CAPO on the second fret and play the chords ONE FOUR AND FIVE IN THE KEY OF D. THEY are D G AND A7. Take the CAPO OFF and play E A and B7. Interesting. Don't stop now. Go up to the E on the fifth string and play the E note on the 7th fret. Let go and play the open string which is A. NOW play One four and five in the key of A. A, D, and E7th which now sounds like E A and B7th your original open chords.
The CAGED system is well worth learning as well, but this provides instant gratification and one should never over estimate that.
JJ