There's a very Kool plugin called Link Library.

When installed you cans add links with short descriptions, detailed descriptions, images and as much together information as you want. You ca even add additional fields if the one you want isn't there. You also created category that you assign your links to, Once done, you can created link pages and widgets that include and exclude categories, show what information you want shown, and sort in the manner you desire. It is very powerful because it uses shortcode to build your command line.

The included widget us very basic, so I install Ultimate Short Code plugin so I can control the information displayed in the widget.

If you go to www.daveschultz.com - you'll see I have links in a sidebar widget, and a couple of pages where the links are limited to just the categories I want and show a description.

on www.screaminwoody.com - I've exported the links from daveschultz to a csv file, and imported into ScreaminWoody - and only display racer links (exclude politics, non-car forums...) in the sidebar widget.

Its powerful, but easy to figure out. If you get stumped, post a detailed post of what you're trying to achieve and the problem you're having - and we'll get you on the right track.