OK. There's no way that it's been a full month since the last posting. Someone broke into the account and used a 'Way-back' machine to change the date. You know who you are, and you will be found.
Melissa posted a piece awhile back on changing and adding colors to your Inventor parts. There's another level that allows you to change the physical materials of the parts. The process is similar but since the material properties are more important in engineering than the color there are some additional considerations and a few options for how you can work with them.
The first step is to decide whether or not you plan to reuse a material or how easily you want others to be able to access it. If you only intend to use it once or just for yourself the process if very easy. Let's focus on these options as making a new material that is available to everyone is a simple final publishing step.
To create a new material you must have a file open, I recommend a part file for simplicity. To find the materials that are currently loaded, go to the Format Pull Down and select "Style and Standard Editor". In this dialog you will see lists of different items depending on the type of file that you are working in. In a part file you should see a list of Colors, Lights and what we need; Materials. Expand the list of materials in the left window of the dialog and pick a material that is similar to the one you need. You can then right-click on the material and pick 'New Style' or just click on the 'New...' button at the top of the dialog. Give the new material and name in the New Style Name dialog and click OK.
The new material will appear on the list. Double click it to make it the active material and make the changes to the material properties in the right window of the dialog being sure to click Save when you are done.
The units in the dialog are fixed so you may need to do some conversions in order to be able to get the correct values entered.
You can add as many materials as you need so how do you reuse them in other parts.
To keep a material available for other models but not go through the process of adding them to all future Inventor models you can Right-Click on the material and select 'Export'. This will give you the ability to save a specialized .XML file of the material data that you can import into any future (or existing) models that you would like to apply your new material to. Note the 'Import' button in the lower left of the Style and Standard Editor dialog. That is what it is there for. Any material style that you export can be shared with others by giving them the file that you saved during export. It's very simple.
To save it for automatic use you need to update the Style Library. This requires that your project file is set up to allow this. Edit you Project File and change the Value of 'Use Style Library' to "Yes". This will enable you to write style information back to the library. Then select 'Update Styles' from the Format pull down and be sure to tell it Yes to updating the new style into the library.
This process is really easier than it looks and once you've done it you'll be able to remember how with little trouble. I would venture to guess it will take you longer to read this than to create a new material.
Have fun with Inventor and your new materials.