News Module, Display Unique list of Categories

Is there an OOTB way to display the distinct list of Categories in the news items and have the links go off to a news section for that category?  Or can you only display the records of the news content?

For example:
If I have Category 1 > News Item 1, Category 1 > News Item 2, Category 2 > News Item 3.
I would display:
Category 1
Category 2

Scott
I think this video here will help you get a better apreciation of what you are trying to achieve. www.sitefinity.com/.../building-real-world-modules-with-sitefinity-s-new-module-builder.aspx
Its quite involved, you have to create the Categories first, then assign content to them, and then get them on teh pages. Unfortunately, at the moment, the configuration screen of some of the widgets have no webeditors and so you have to type things in rather than select it from a nice drop-down box. watch the webinar where categories are used heavily.
Cheers,
Andrei