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To mark a contacts as a favorite:
Go to contacts > tap the contact you like to make a favorite > tap the star to the right of the contact name. You'll find the favorites tab if you go to contacts > groups > press the star in the upper right corner.
You can add a shortcut to a contact to the homescreen to be able to call quickly. Press the menu button when on the homescreen > add > shortcut > contact.
You'll find the star (quite dark) next to the name. Next to the number you'll find the envelope. You can also add a contact as a favorite if you open contacts > long press on a contact > add as favorite.