I'm new to AM and want to promote some offers on Azoogle. I'm using Adwords to generate some of the traffic but want to know if it's possible to have conversion tracking so you know which keywords are working best. Is this possible with Adwords and AM?

Yes. Your affiliate manager should be able to place your tracking code in the appropriate location. This of course could vary by network, advertiser, affiliate (based on your volume and history), etc.

use google analytics too....my sales went up when I started using this

TRACKING AND TESTING is crutial to your online business, if you are not doing this you are losing out big time.