I want to be able to create a friends list of aliases. Then I want to be able to click something to see their recent posts.
The best way I know to do something like this would be to subscribe to the RSS feeds for each person's recent posts. (I myself use Feedly for such tasks.)
Regardless of what RSS reader you use, the links to the news feeds you'll subscribe to are the orange icons located in the upper-right corner of a given person's profile. If you hover your mouse over each one in turn, it will tell you what information it will serve up. For example, if you click on my account, from left to right, the RSS feeds are: recent posts, posts favorited by others, recent reviews, and wishlists.
To add each of your friends, you'll simply right-click on recent posts for a given friend, copy the URL, and paste it as a new subscription in your RSS reader. Repeat for each of your friends until done! :)