Today I got crash course in creating my RSS feed from my good friend who owns/runs big security related forum.
A quick google search brought me to this page:
http://blog.taragana.com/index.php/archive/creating-rss-feed-for-your-blogspot-blog/
To sum it up: Blogster by default serves your blogs using Atom (which I hear is similar but not as popular as real RSS, but luckily for us Feedburner (recently acquired by Google) allows to convert your atom feed to RSS. Simply add /Atom.xml after your blog url and add it to feedburner.
Further steps explained here: http://www.google.com/support/feedburner/bin/answer.py?answer=78465
