You will want to look at the source of the VSCroll.xsl file. You will find it in /DesktopModules/News/Transformations/.
If you look you will see that the file refers to three CSS classes:
- DNN_News_ItemDate - for the date
- DNN_News_ItemLink - for the link
- DNN_News_ItemDetails - for the details
The default values for these styles are defined in module.css in the News directory.
You can redefine these styles -- and I would do it in portal.css -- to change the appearance. For example, if you put this definition:
- .DNN_News_ItemDate{ color:green}
into portal.css, then dates will be rendered in green. You can redefine the styles to your liking.
If you want to totally change the way that the items are displayed, you can create a custom version vo VScroll.xsl. I would make a copy, rename it, and edit it. If you study the file, you should be able to figure out how it works. And you should be able to figure out how to change it by changing the HTML and CSS components. Googling will turn up a number of XSL tutorials, and you can purchase books.