I have read that adding other rss feeds (in addition to mine) can do what additional content can do. I don't have the time to write enough content or the money to outsource it now so I ant to know if there is a way to ad value to you blog by adding other RSS feeds to it. If so how is it done.
See BlogSense! Best RSS automated content aide out there. http://www.blogsense-wp.com for a free version with less functionality http://www.profitblogger.com/wordpress-plugins-wp-o-matic/
Any relevant content will be valuable to your site visiters. There are various types of rss content available such as videos, articles, product feeds, and answer/question forum feeds.
Yes, adding RSS feeds to your site will increase the value of your website. RSS feeds will help you to get high pagerank, traffic rank, and increases your inbound links.