RSS: Really Simple Syndication (or RDF Site Summary, or Rich Site Summary). RSS is a way to distribute news headlines, updated content, and other notifications of changes.
XML: Extensible Markup Language. XML is a flexible way to create common information formats and share both the format and the data on the Web. HTML is (in some ways) a sub-set of XML.
blog: Short for web log. A blog is an online site, using specialized "blogging" software, that is frequently updated and intended for general public consumption.
RDF: Resource Description Framework. But that's all we're going to say about it.
"RSS works by having the website author maintain a list of notifications on their website in a standard way. This list of notifications is called an "RSS Feed". People who are interested in finding out the latest headlines or changes can check this list. Special computer programs called "RSS aggregators" have been developed that automatically access the RSS feeds of websites you care about on your behalf and organize the results for you. (RSS feeds and aggregators are also sometimes called "RSS Channels" and "RSS Readers".)" (from SoftwareGarden -- see below)
Some descriptive links in order of ascending geekiness:
Web-based:
Windows:
Mac: