you don't *need* to pay anything, generally you'd just use a dynamic DNS service to point your domain name of choice to the current IP of your router. Buying a proper domain name is a nicety certainly, but dynamic dns services will provide you with a sub domain name for zero pennies.
But insofar as what you're asking, yes that's about right, assuming you do have an MX record sorted out within the DNS for the domain, which most registrars will provide, although technically not what a domain registrar actually does - they would just register what the DNS server is for the domain, and leave making that DNS work up to you. Persaonlly I always use zoneedit.com for a free dns service for my .com domains.
Last edited by acid_kewpie; 11-10-2010 at 07:20 AM.
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