Display certain category on front page with image thumb?

The best way I could put this is that on the frontpage of my site, I want a post that I have saved (with a category) to display as an excerpt with an image thumb next to it. Just like news sites that have those mini front sections where its a summary of stories and people can click to read them in more detail.

How would I approach doing this? Something along the lines of get category and image? Could I add a custom list?

Thanks