Metadata are fields or columns you can add to a library that are attached to every file stored in it. For example, you may want to add a site type metadata field to the web links list. Everytime a new web link is added to the list a site type can be associated with the link. This would make it easier to search for web links for a particular type.
Creating a List
Click the 'Site Actions' box at the top-right side of the page and click 'Create'
Click on the 'Custom List' link on the following page.
Enter a name for the list, click the 'Create' button and the list will be created in the site.
Click the 'Settings' menu in the list and click on 'Create Column'.
Enter the column name and the type of information to be stored and click the 'OK' button. In this case the 'Choice' type is selected and the choices 'Job Site' and 'Career Development' are entered for a new 'Site Type' metadata field.
Adding a New Link
To add a new link to the list, click the 'New' menu in the list and click 'New Item'.
Enter the information for the new link. In this case, this is a new web link. Notice the 'Job Site' metadata choice field. Click the 'OK' button to add the new item.
The new item is added to the list.
List Web Parts
Everytime a list is created a web part is created for it that can be placed anywhere within the site. The web part will display a default view of the most recent items added to the list.