Is it possible to use page anchors for different frames?

An example would be posting the links in one frame, then the actual content in another. Thus, the page anchors in the links frame would change the section of viewing in the content frame.

Sure, you can do that. Your links would look something like this:

<a href="link.html#codeword" target="right">
(or whatever your names would be)

And it should automatically take you to that section of the page.

if i get what you are asking...

have the anchor as usual in the taget page.
<a name="whatever"> stop here </a>

then in your other page, add the anchor to your link criteria.
<a href="otherpage.html#whatever" target="otherframe"> click </a>

Yes, just ad to the link code target="framename " where framename is the name of the frame you want the link to apear in like rightside, leftside, ect.

This is off the subject but how do you get that #codeword to jump to a word? Does it just go to the first apearence of that word in your webpage like if you said #food would it goto the first apearence of the word food in your webpage?

it goes to wherever you have the <a name="food">...</a> in your code.