Create a node of Content type Story. For example call it Story 1, add some body text and hit submit.

As you can see below we have an Add Story link showing. Click on it and it will cause the story to be added to our nodequeue.

Once clicked, notice how the link changes to Remove Story.

Now if we click on the Node queue link we can see that the node is on the queue.

We can view the queue, which will allow us to maintain position and what nodes to show in the queue. The nodequeue could be used for listing your favourite nodes, the nodequeues are system wide as Earl has mentioned so currently no user level nodequeues are possible.

Go ahead and add two more Story nodes, perhaps imaginatively called Story 2 and Story 3.