feeds

Can somebody please explain the principle of feeds. I think I understand that the idea is to allow subscribers to follow blogs, however my queries are around the following:

1. Why do I get errors when trying to set up a Feedburner Feed?

I get a request to input my blog or feed address, which I think are as follows:

blog: http://www.diary4life.com
feed: http://www.diary4life.com/?feed=rss2

I put my feed in the box; the next page I had two things to input

1. Feed Title
2. Feed Address

Not too sure what these are. Can anybody help?

The second question I would like answering is:

2. When I click on a feed button or RSS feed I get a small dialogue box asking me to subscribe with live bookmark. When I select subscribe the dailogue box disappears and I’ve no idea what I’ve done or where my bookmark/feed has gone.

Regards

Paul