Blogrolls? Link Rolls?

I want to add a “last updated” on my list of links. http://www.littleguydesigns.com, Looking around the web, I just got a little confuse with the “blogroll” concept.
So, I’m in need of a little clarification, would anyone, happen to have any expertise concerning my question?
A) From my understanding, you can save your links on a service site like http://blog.gs or http://www.blogrolling.com/, and import and export you links into wordpress. Once you import it, do the links show “last updated” information?
B) Under Admin > Options > Link Manager, there is “weblogs_xml_url” What is that all about. Does that have to do with blog rolls.
C) Baiscally, I think I”m asking what is a “Blogroll”, and how do I use it with WordPress to show when my links are last updated, because I currently just manage the weblogs that I read using only the link manager.
Any light on these issues, would be most appreciated.