$1911

There should be a pin it button on the website so you can pin patterns.

Well there's a Favourites button <3 above every pattern. If you click on it you will add them to a list that can be visited over and over againt from your profile.

I think it does pretty much what you were suggesting?

No I think they mean on Pintrest

You can get this "pin-it" button from pintrest itself so you can pin anything from any website right from your browser :)
http://about.pinterest.com/goodies/#browser