CMS first, blog second

For my client’s web site WordPress has served only as a content management system (where the home page is a static page). Now the client wants to add a blog to this site. How do I set WordPress up so http://www.domain.com/blog is the URL for the blog and it points to a index of the latest blog posts (i.e., the default WordPress behavior)?

Thanks in advance

P.S. – Using custom content type plugins is not an option – sticking to WordPress’ built-in features and configuration to accomplish the above is preferred.