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Tiko, I'll keep this brief because I don't want this important forum thread to run off topic. Here's my suggestion:
1) Search these forums for "home.php" and "Custom Home Page." WPMU allows the admin to set the home blog to use any theme they want. You can then copy index.php to make a home.php file, and edit it. In my case I didn't really make any edits at all, didn't need to.
2) Go to http://www.automattic.com and read about widgets. I mentioned the two widgets that I used, and you can grab them from wpmudev.org. They come bundled with explanations of what you need to do to get them working, but it's mostly drag and drop (a term which will make more sense to you as you familiarize yourself with widgets)
3) Zappoman's code is definitely useable, but it is also something you won't have a great idea of how to play around with unless you familiarize yourself first with PHP and MySQL. If you already are well versed, then I suggest you open up the actual php file and look inside of it for instructions on its use.
Unfortunately I'm a bit too busy at the time being to work one-on-one with you for your site's development, but if you follow the steps above, you should be more than well on your way :)
-S.
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