About RSS

RSS stands for 'Really simple syndication'. It is used by people to subscribe to their favorite web-postings.

Using RSS feeds you need not go to the websites or blogs to read the posts, you just subscribe to the site and read the posts in your 'feed reader'. It is just like subscribing to a daily.

Reader

RSS feeds are read by softwares called 'Feed readers', eg:Google Reader, My Yahoo etc. I am using both of them

To subscribe to a feed :

1-Log in to your feed account/sign up
2-Copy the feed URL
3-Paste it in your reader
4-OK

You can subscribe to feed using widgets given in the Blog. To subscribe to this blog, just click on the link on the right sidebar and choose your reader. Many browsers offer inbuilt feed readers. You can use them to read feeds. You can subscribe via email, if the author offers it.

For Bloggers

All most all blogging softwares give a built in RSS feed. If you are using 'Blogger', your feed URL will be like this: http://[yourdomain]/feeds/posts/default. I made the widget in the sidebar using Feedburner-the widely used feed manager. Feedburner offers subscription through email.
Sorry for the post being long!