The good thing about RSS is that it is pretty easy to use. Basically you need to do two things:
1) Get yourself a news reader
A news reader is a piece of software that checks the RSS feed for new items and lets you read the latest items. It is a bit like your email inbox but instead of showing you your latest emails it shows you your latest news items.
There are plenty of freely available news readers out there to use, including:

My Yahoo.
2) Subscribe to an RSS feed
Sites that have RSS news feeds usually have the RSS logo (shown below). Clicking on this logo lets you subscribe to that feed in your chosen reader.

The RSS Icon
When you click on the RSS feed icon one of two things will happen:
1) You will see the one click subsribe buttons (shown below). Click the button to your reader to subsribe
2) You will see a screen showing some code. If you a screen full of code simply copy the web address of that page (e.g. "www.samplepage.com") and in your reader look for a button such as "Add subscription" and paste the web address of the feed. (The following image is from Google Reader)