I have a table that has 75 to 150 records. The Class field is the same on many records. Is there a way for me to run a qurey to create a new table which contains a grouping of the Class field.

Create a query & use the "totals" function...
add the fields you want to see, Select "totals" from the View menu, and then select the type of totals you wish to see. Group By is the default, andyou can do sum, count, Expression, etc.
Once your query is correct, change the query type to "Make Table Query..." & run it...