open an ipt file,
go to the editor of styles and norms;
open the list of materials;
(with 2011 you can also access from the bottom of the color list without going to the style editor)
right click on any material.
choose: "new style"
a window that is called "new local style" with the name "copy" of that material.
rename with the name of your material.
Okay.
at this point you created your material.
Now insert all physical data of the material:density, resistance etc., if you want you can assign a color to your material.
when you are finished click on "fact".
Now you have your new material, but only in that file.
if you want to make it permanent in your style library:
reopen the style editor, go on save, quit the "yes" to your material and give the ok.
A message appears to you that the style library will be overwritten with the new style and that it is not reversible.
That's what we want.
click on ok and it's done.