Here is a cool plug-in I came across that makes embedding an external web page into a WordPress post or page simple. The Plugin is called Iframe Embedder and can be downloaded through WordPress admin console or from here.  This plugin works with the latest version of wordpress 2.9.2 and is pretty easy to use.
Below I have a link to an external site.  Below this link using the Iframe Embedder plugin I have embedded this page -audio, flash and all into this post.
http://s8s3eks.edu.glogster.com/glogburnin-up/
To embed this content into the A Blog post you must activate the Iframe Embedder plugin and then in the post use the following syntax: You can adjust the numbers at the end to fit your specific blog theme.
Here is the syntax above working below but using our district website.  Notice that you can use the links on the page and it contains the website inside the frame.
*NOTE¬¨‚Ć Firefox 3.6 is still a little buggy – using Iframe works with Firefox 3.7 Alpha, Firefox 3.5.x, IE Explorer 6,7,8 and Safari.¬¨‚Ć Also works with the Beta Release of 3.6.1 which means this is just a temporary issue with Firefox
[iframe http://www.dist228.org 640px 640px]
It is important to not get too carried away with embedding external webpages as this is not really a best practice in most cases.  But still this is a nice simplified way to add an external site when appropriate directly to you web site.
Here is a quick Podcast on Installing the Iframe Embedder and using it in a post.
Podcast Iframe Embedder and WordPress
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