RSS stands for "Really Simple Syndication". It is a way to easily distribute a list of headlines, update notices, and sometimes content to a wide number of people. It is used by computer programs that organize those headlines and notices for easy reading.
What problem does RSS solve?
Most people are interested in many websites whose content changes on an unpredictable schedule. Examples of such websites are news sites, community and religious organization information pages, product information pages, medical websites, and weblogs. Repeatedly checking each website to see if there is any new content can be very tedious.
Email notification of changes was an early solution to this problem. Unfortunately, when you receive email notifications from multiple websites they are usually disorganized and can get overwhelming, and are often mistaken for spam.
RSS is a better way to be notified of new and changed content. Notifications of changes to multiple websites are handled easily, and the results are presented to you well organized and distinct from email.
How does RSS work?
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".)
Producing an RSS feed is very simple and hundreds of thousands of websites now provide this feature, including major news organizations like the New York Times, the BBC, and Reuters, as well as many weblogs.
How to access RSS feeds?
It is simple. Just login into google.com/reader and login through your Google account. All your subscribed RSS feeds would have lined up.