Frontpage teaser to fullsize blog….?

I was wondering if anyone can tell me how to make small version of a blogroll to sit on my frontpage. All post should be in this “minifeed” but styled differently and obviously smaller than the original blog (I guess resizing images would be a task). When ever a user would click at title of the post or a “read more…” link, the user should be directed to a blogpage on the site?

My first idea was to have two installations of wordpress linked to the same DB, but that would be redundant no?