1) If it hasn't been created already, create the content and save it, and click on the 'edit' tab for that content. The content type should be story, blog post, or page.
5) Click on the 'Nodequeue' tab.
6) For the 'Editors Pick' queue, click on 'Add to queue' and then save the item.
It should now appear on the homepage under the Editors Picks. Like the front page slideshow, the front Editors Picks appear in order of publication date, newest first. The Editors Picks items are currently set to show the 6 most recent items, but a Drupal site administrator can change that.