After many requests from wordpress users, the latest version of wordpress has a build in option to create static pages. You can use static pages for an about page, contact page, a links page, etc. This dreamhost review page is an example of a stand alone static page. The advantages are that you can add stand alone content to its own page, outside the normal weblog hierarchy. Pages have the same editing options, plug-in functionality and themes as posts. Or you can customize the stand alone page as much as you want. Static pages also help search engine indexing, as opposed to dynamic urls.

The comprehensive overview and instructions are on the wordpress codex