How can I add and track "Opportunities or Projects" for particular Accounts. I also need to be able to see a real time tracking (Timeline)

This sounds like a question best suited for an admin at your company. I am not sure what you mean by Projects or Timeline relative to native Salesforce, so you will want to speak to someone internally about that. 

As for Opportunities, a native feature of Salesforce is the ability to create Opportunities for Accounts: