There are 2 ways to accomplish this, one with code, one without.
The no code method involves replacing the standard Joomla com_content with a CCK extension that has a latest item functionality built in - I know K2 has it for sure, there are likely others.
The other method would require you to create a new model/view/menu item that only pulls the latest published article. This would actually not be terribly difficult since you could basically copy most of the category model and use most of the article view to come up with what you need. The changes are a little too involved to post here however.