Yes. There is. You have to create a Server-Run-Time and assign it to your Project.
Yes, there is if you are creating a new project. However, since JBoss Tools is targeted at Eclipse 3.3 and the older JBoss IDE plugin doesn't seem to like Eclipse 3.3 the move the Eclipse 3.3 necessitates an import of projects from Eclipse 3.2. The import facility does seem to offer any conversion of the old EJB3 project to the new JBoss Tools project type. So, it seems the only way to get a pre-existing JBossIDE EJB3 project into JBoss Tools is to reconstruct it from scratch.
Or am I missing something.