Twoe Blogs on one HP

Hi everybody!

Maybe you could help me with my problem. On my blog I would like to integrate an additional second blog. The existing one should remain for essay-style articles, as it is now. The new one on the other side is supposed to be much shorter, more the twitterish way, dealing with more current topics and maybe also offtopic information. The texts would be about medium-length oder even shorter. A short excerpt of the latest texts should be visible right at the spot where the tag cloud is at the moment.

So, first question: How can I integrate a second blog within the blog. Second question: How can I manage to get excerpts of the blog into a widget in the existing sidebar.

Thanks so much, regards,
Andreas