RSS is a family of Web feed formats used to publish frequently updated works – such as blog entries,in a standardized format. An RSS document includes full or summarized text, plus metadata such as publishing dates and authorship. Web feeds benefit publishers by letting them syndicate content quickly and automatically. They benefit readers who want to subscribe to timely updates from favored websites or to aggregate feeds from many sites into one place. RSS feeds can be read using software called an “RSS reader”, “feed reader”, or “aggregator”, which can be web-based or desktop-based. A standardized XML file format allows the information to be published once and viewed by many different programs. The user subscribes to a feed by entering the feed’s URI into the reader or by clicking an RSS icon in a browser that initiates the subscription process. The RSS reader checks the user’s subscribed feeds regularly for new work, downloads any updates that it finds, and provides a user interface to monitor and read the feeds.

You can always find answers in wikipedia or in google ;)