Help customizing my post appearance

Hey everyone.

I have been working on a site in wordpress and have been struggling customizing the way each post is displayed on the static home page.
Here is the link to what I currently have: http://www.webdesignog.com


I want each post to be displayed like this:


[ banner ad ]

date posted----------------------time posted

TITLE

[ -------------- ]
[-----video-----]
[ -------------- ]

some random written content


Tags: tag1/tag2/tag3/tag4/etc.. fb like

-------------divider line----------------------------




I am using the sports grunge theme and have been researching this for a while and can't figure it out.
Do I need to create some custom post templates somehow and then get a plugin to add them to each post?



Thanks