Custom fields work as name value pairs.
In the custom fields section under “name” input “exp_date”(or something) and under the “value” put “May 13th, 2010″(or diff format).
To retrieve in template file:
<?php
// get the custom field value by this function
$expDate = get_post_meta($post->ID, 'exp_date', $single = true);
// if there is a value input for exp_date
if($expDate !== '') {
?>
// Do something here like echo $expDate;
<?php } ?>
The option to select “exp_date” will now be for each post and wp will remember which value is assigned for each post. If you put nothing, the code will be skipped.