GameRager: ??? Is it like an online newspaper then?
Kinda... it's a way to automatically fetch updates from websites without visiting each website one after another - provided they supply a meaningful feed (way too many only supply the header rather than the complete article).
Exactly how it's displayed to you depends on the client - Firefox has the function built-in (called "live bookmarks"), some mail clients (Thunderbird, Windows Live Mail, Opera's built-in mail, ...) also supports it, and there are dozens of clients built specifically for the purpose of monitoring RSS feeds (FeedDemon, FeedReader3, SharpReader...), as well as websites (Google Reader for one) which - in my opinion - kind of defeats the purpose of not requiring a web browser open all the time.