Are you referring to the picture frames and text boxes in an iPhoto book? If so try these key combinations:
You can "adjust" a photo frame or text box size on a page with the following key combinations:
Command + Option +⬆arrow: increase frame height.
Command + Option +⬇arrow: decrease frame height.
Command + Option + ➜ arrow: increase frame width.
Command + Option + ⬅ arrow: decrease frame width.
To adjust its position on the page use these key combinations:
Command + Control + ➜ arrow: move frame to right.
Command + Control + ⬅ arrow: move frame to left.
Command + Control + ⬆ arrow: rotate frame counter clockwise.
Command + Control + ⬇ arrow: rotate frame clockwise.
You can conver the standard frame (on the left) to this one (on the right)

If this isn't it there's only the Straighten tool in iPhoto's Edit mode.
OT