TypePad versus WordPress: Social Bookmarking

When I first signed up for WordPress after having been on TypePad I was disappointed to learn that WordPress did not have an integrated social bookmarking widget, such as ShareThis. ShareThis works very well with TypePad and WordPress has many built-in widgets, but I did not find a widget like that in my widget list. Is it not possible to have social bookmarks on WordPress? It is, but it takes a little bit of effort. Let me show you how.