Help with Teasers on Home Page

I’m quite new to WordPress and need some help customizing a home page. I have the skin built in HTML/CSS. You can view my skin here:

http://michaelynch.com/test/jmuhlbier/

I need to display two teasers: one of the About page and one of the latest blog entry. I need both of those to link to full sized single pages.

– Will I need to be using two loops?

– Is this where single.php is required?

An explanation of how I can go about doing this would be greatly appreciated. Thanks!