Putting lastest blog entry on static homepage

Hi Guys,

Many thanks for the great Template - it's fantastic!

I've recently setup Wordpress 2.7 with a static front page separate to the blog entries. What I'd like to do is have the static page holding some general welcome text followed by the latest blog entry.

The static page just follows the same template as the rest of the site and I've got two sidebars with widgets in on that page too.

On the edit page view in the Dashboard is there some combination of (welcome) text followed by code that I can use that will get what I'm after or do I have to use another method of editing the page for it to work?

I've seen a few examples of code which I've tried but there's must be something I'm missing as they either just appear as text or don't appear to run correctly.

Any hints or pointers in the right direction would be great, thanks in advance!