Say I mounted the /dev/hdb1 in the /mnt folder in a folder: /mnt/media
Should I be able to cd /media? or will I always have to say /mnt/media?
Since media in this case is a subdirectory of /mnt then you need to use the full path...
cd /mnt/media .
If media was a directory on the same level as /mnt then you could use just cd /media.
Also, you can have it mounted automatically on reboot by putting a entry in the /etc/fstab ....
/dev/hdb1 /mnt/media ext3 defaults 0 0