The "RSS" and "LiveJournal" links on the Events Board are for subscribing to the Events Board. This means you can see the events for the day without having to come to the Events Board every day, and will receive updates when the board itself is updated!
If you have a LiveJournal, simply click the "LiveJournal" button on the Events Board page and then click the link to "Add this feed to your friends list". Then, when there are events for a day, you will receive the information about those events on that day! You will also see events for that day that are posted during that day.
"RSS" is a syndication format that thousands of popular sites and programs support for getting news as soon as it's published, pushed right to your machine. Don't worry about the "RSS" link unless you know what RSS is. If you do know what RSS is, or know to add an RSS feed to your news reader (or blogging site, etc) just about the only important thing you need to know is that the feed itself will only show the events occurring on that particular day, despite the fact events for later days may be posted on the board. This is the structure of the feed and will probably be desirable in most cases.