Sometimes, when I add footage from the library to the timeline, the footage length might be more than the composition time. I know I can adjust the Composition settings or I can drag the footage to the 'Create a new Composition' icon to get an exact sized composition.
My question is, is there a shortcut or a way to automatically extend the timeline after the content has been placed? I think, something like the opposite of 'Trim Comp to Work Area'.
Richard's response is a typical dinosaur response.
I know your post was in 2010, but I came across the same issue and figured you and others may want to know the answer. I think this video solves the problem. It did for me anyway. Found it via YouTube:
How to extend the time line in Adobe After Effects: Tutorial