WPMU Home Page vs. Blog Page Issue - Another One

Forgive me if this question has been asked before. I tried to search it, but from what I read it either was to advanced for me to understand or I just missed it.

Simply put, the front page on my WPMU will need to have a its one blog page for news, press releases, etc. as well as host other blogs. However, when I use the "Reading Settings" in the dashboard, the blog is a blank page.

I read where one of the blog plugins is suppose to address this, but I don't see where or how.

Can someone provide a "dumbed down" explaination on how I can make this possible. Does this really require extra coding?

Thanks in advance for your help.