Editing WordPress Widgets
Although the WordPress Version used in this video is rather outdated, it does a great job of explaining what WordPress Widgets are and how they function.
The big difference between the WP version shown and the newer versions is the Admin interface. To access the widget area you simply hover over the "Appearence" tab in your Admin area and click "Widgets on the dropdown menu that appears.
Adding widgets is a bit different as well. Instead of clicking an "Add" button, everything on later versions of WordPress is all "Drag And Drop" within the widget area.
One final thought. In the video the author re-adds the default WP Meta widget after customizing it. This is something I WOULD NOT RECOMMEND! The WP login page is a favorite first stop of hackers and malicious bots trying to gain access to your blog.
Because of this it just doesn't make sense to put a link to it on your blogs home page. It's sort of like putting a "Hack Blog Here" link on your home page.
While this doesn't offer a complete deterrant because WordPress is an open source content management platform and the default login location is well known, it's a start.
If you have several blogs and want to be able to easily log in when you need to instead of adding the Meta widget you should simply add the login page to your browsers favorites.