is there a module that will take external rss feeds, merge them, and display the contents of the feeds?

what I want to do is update my site - http://www.cavsworld.com - and take this feed

http://www.nba.com/cavaliers/rss.xml

and a couple of others and display the latest headlines and have the module automatically gather the latest updates to the feeds?

Also, is there a better way to do this? Is there a way to display the latest news stories as content of my site instead of just the headlines?

Take a look at the Planet Module by phppp. You can see a demo at http://www.technicalcrew.com

I use the XHLD module and like it.