Microsoft Access and the Legendary Return @@Identity

I used to use MS SQL, but due to my low budget, I settled for MS Access here at DiscountASP.

When I insert or update a record, I want to be able to return the assigned id of the newly created record, or return the id of the record just updated.

I heard that you can do stored procedures in Access but you can only have one line. I'm not even sure if Access recognizes the @@identity variable. Some sites say yes, some say no, and I'm probably misinterpreting things.

If possible, how do we obtain the id of a record just inserted or updated in Access?