Hi Siva,

you should be able to find lots of optional rss xslts on a quick google search; I found several that give me more control than the standard one does.

but the rss output of a text/html module is problematic, since it doesn't  have date change options so the readers I have tried don't read it after the first pass. I had to use a announcements, blog or form module to get actual date changing content that generated anything approaching a regular rss feed.

for a text module, you can just make a copy of it on any other page, unless you are trying to read the content on another site?

and here is a good tutorial on the topic:
http://www.dnncreative.com/Tutorials/HowtocreateanRSSfeedinDotNetNuke/tabid/179/Default.aspx
and he has some sample rss xslt's.