What does "Syndicate this site" mean?, by Elise Bauer. This blog site does a good job of explaining the details, starting with answering the question:
Syndicate this site means that the headlines, a link, and an entry description for each new weblog entry are made available for others to use on their websites or to access through a newsfeed reader program.
Elise also has lots of good information including a second tutorial on how to display live news feeds on your website. Cool. Way to go.