From the Insert Menu, Choose More Gadgets.... - find an RSS reader gadget (there is one in the "Featured" category, or search for "RSS"). Configure for the first blog feed, then repeat!
Use a 3 column page layout to make it look more like the iGoogle page.
Thanks for this! How do I get the title of the blog to appear like the original posters example? I put something int he title box on the widget configuration page but it just says "RSS Reader +". Any ideas? We are having our social studies students blog and teachers would like to display their posts in a page reader.