Can I make a parent page of the blog and have it display a paragraph/thumbnail of certain entries?

If you’re wanting to display some posts but not have it function like the blog (with the prev/next links) then this should do the trick.

<?php global $post; $args = array( 'numberposts' => 10, 'post_type' => 'post', ); $myposts = get_posts( $args ); foreach( $myposts as $post ) : setup_postdata($post); ?>
    [act like it's the loop]
<?php endforeach; ?>

So then you could do something like…

<?php global $post; $args = array( 'numberposts' => 10, 'post_type' => 'post', ); $myposts = get_posts( $args ); foreach( $myposts as $post ) : setup_postdata($post); ?>
    <h2><a href="https://wordpress.stackexchange.com/questions/39252/<?php the_permalink() ?>" title="<?php the_title(); ?>" rel="bookmark"><?php the_title(); ?></a></h2>
    <?php if ( has_post_thumbnail() ) { echo '<div class="featured-thumbnail">'; the_post_thumbnail(); echo '</div>'; } ?>
    <?php the_content(); ?>
<?php endforeach; ?>

If I understand what you’re wanting to accomplish correctly, then this’ll do it.