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Good job you deserve a cookie.
Plus the material and methods sections will give you an idea if the experiments were legit or bogus. However, first and foremost understand the abstract and then delve into the details. You will be looking up a lot of stuff OP but that is all apart of research.
Eh, I would disagree. Few undergraduates are in a position to make this distinction and with significantly less research time to devote than grad students/postdocs/professors, it's not really high yield for most papers. I would only read materials/methods if you understand the field very well and are extremely interested in determining whether the experimental design is airtight. Most times, especially as an undergrad, you're best served just assuming that peer-review insured a reasonable experimental design. As you get more experienced in research fields you'll get to learn and appreciate the "hot" areas under debate, the common pitfalls & technicalities that support or invalidate the use of specific techniques, and the prevailing wisdom & culture in the discipline with respect to how much rigor and specificity is needed with certain kinds of data/phenomena.
Long story short, I would say when I read a paper I try to make sure I can answer a few questions:
1) What is the problem that this paper feels it is addressing?
2) What is the "big picture" for this problem/why is it relevant? (when a paper says its trying to elucidate mechanisms of shutting off cell replication signalling, why would someone want to do this? Probably cancer related...)
3) What were the results this paper came up with (try to think of 3 distinct results that are key)
4) What did the paper list as caveats/problems in interpreting their results.
5) What might a future study need to address?
I just whipped this up, generally the nature of the paper will make some questions irrelevant while making others that I haven't listed here relevant. Make your own questions that consistently work for you. Usually the abstract/intro/figures/discussion should be sufficient to answer these questions. I personally think the intro and discussion are great starting points when you're new to research, because even the figures can be hard to interpret without experience.
When I take notes, these are often the points I try to make for myself. I've been doing research a bit longer now so I now include many more questions that are relevant for my situation, but as a burgeoning research student, if you can identify those sort of questions about a paper and answer them, you've done a pretty good job.