rss-to-node module

I'm not sure if this exists or not. I don't think the core aggregator does what I want...

I have an rss feed that I get from another web site that offers an rss news feed. When users click a link in my rss feed block that displays these, I want the content for that rss feed entry item to become a node and to be viewed as a node and therefore stored as a node (good for search engine content building).

Right now, it just goes to the web site for that feed. Or, if they click the "more" button in the block it shows the whole feed (5 items or whatever number I pick). if *I* click the B next to the item in the block, it gives me the option to blog about it. I just want to automate that with each new rss feed update.

If I had to code it, would be be something to the effect of a cron job....
1. check for rss feed update
2. check for new items in rss feed
3. if exist, auto create a node item with the content of that particular feed item.
4. also populate block with the links to the newest n-number of nodes when a user accesses the site.

This whole process seems like it should already exist in a module but I haven't found it.