rocketboom type front page

I am working on a video podcast site with wordpress and wanted to create a front page similar to that used by rocketboom.com in that the featured video would be the top post and then the previous posts would be clickable from a thumbnail.

I understand in theory what I want to do, but not sure how to accomplish it with wordpress. I am most familiar with the old pmachine and could accomplish it with that and I feel like wordpress should be able to do it, but I know it has some limitations. I would appreciate anyone who could point me in the right direction on how to accomplish this.