I've never done it myself, and I've never subscribed to a feed, but it seems that I'm going to have to create one, so I'm wondering. The only way that seems apparent to me is that when the system is updated with a new item (blog post, news item, whatever), a new element should be written to the rss file. Or alternatively have a script that checks for updates to the system a few times a day and writes to the rss file is there is. There's probably a better way of doing it though.
And also, should old elements be removed as new ones are added?
Edit: I should have mentioned, I'm working in PHP, specifically using CodeIgniter, with a mySQL database.