RSS is a Web content syndication format (RSS = Really Simple Syndication). RSS Feeds allow users to subscribe to a Web site and receive updated content automatically through an RSS reader (aggregator).
Newer versions of Firefox and Internet Explore come with built-in RSS readers. Just click on the RSS feed link or logo and add the feed as you would a bookmark. Google and Yahoo have tools to add feeds to your custom pages.
There are a number of online services (many are free). A good place to start is Bloglines.