What's the difference between BLASTX and BLASTP? I know that BLASTX translates your nucleotide sequence into proteins and compares this to protein database, but isnt this the same thing as BLASTP which is comparing your peptide sequence to a protein database?
No, they are not the same. BLASTX performs translation in all 6 reading frames and aligns all of them to the database. If you translate your gene into a protein and run BLASTP, then only one (the correct one) reading frame will be used.
Once BLASTX translates the nucleotide sequences into putative six frames, then it works the same as BLASTP. Additional functionality of BLASTX is the translation of the DNA sequence to the corresponding protein sequence.