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That's how I've done it, kinda. I got my domain name, which forwards in an iframe (pain in the butt).
SO, I have it forward to my ISP space. That then breaks out of the frame, and runs javascript to check if my computer here (domain on dyndns.org) is running, if so, it redirects the user to the dyndns.org addess.
This is the freebee way to run it. Once it's all running proper, I'll set the domain up properly.