Blogrolls are a widget (a provided block of coding) that displays list of blogs the user selects. Instead of being a static list of blogs, the blogroll updates as the blogs update and shows the latest updates to the blogs. Blog sites like Blogger and Wordpress offer blogroll widgets for their sites, but creating one on your own is a bit more difficult. I found a great tool for this tonight: Feevy! It's free! Just add the blogs you want to display, set how many you want to appear at once, and choose from a few display options (because it's free and newer, there's only a few options), and it gives you a java URL you insert as HTML code in your website, automatically producing a blogroll! The downside is that not all blogs translate for some reason, I think because they do not have the right kind of RSS feed available, though I do have to do more experimenting. Right now, it's also not updating in real-time, but I will see if that continues to be an error, if I have to tweak something, or if I just have to be patient.
Check out the "What I'm Reading" section on the right sidebar--this is a feevy blogroll! The blogs are interesting, too!