The fqdn would be like www.linuxquestions.org
, but since you're talking a local network, you have a few more liberties.
127.0.0.1 localhost lo
The last two parts of the fqdn are relatively insignificant for a local desktop machine. But some apps require you to have it defined and setup. Kind of odd when it's an audio app, but it happens. The IP should match whatever your default route NIC IP is, but I doubt it breaks anything that doesn't actually use the network if it doesn't.
$ man hosts
$ man hostname
Basically it's a network thing where ftp.*.* and www.*.*
are on the same network, but are on different machines. I'm by no means an expert, but that seems to be the route that one takes to keep apps that require that stuff happy even though you may not be using anything network related.