Creating different index files for same blog

I’m an MT user still trying to learn the ropes about WP.

One of the nice things about MT is the easy way I can create multiple index templates for the same blog. For instance, I have my blog at http://www.mysite.com/blog with the regular template. But I also have a small template with just the two most recent entries. This index file then becomes an include on the main page.

So… index.php is the main blog index file, but I also have a template which generates homepageinsert.php, which I use on my main page to let visitors know what’s new.

How do I do the same thing in WP? I don’t see it anywhere in the options.

Thanks.