Okay so one of my friends has a domain name he bought, say www.example.com. He has a static ip at his house.

I have a dynamic ip system at my house. I wish to use dynamic dns at my house. I also want my friends domain name: www.example.com. He is willing to transfer it to me. How do we go about doing so.

Please note: with dynamic dns I want to keep the original domain name and do not wish to use a subdomain or have any links to an auxilary site.

I am willing to shell out a bit for this.

? Shell out a bit for what? The transfer, or the information you are freely given on this website?

Domain transfers are quite easy. You tell your registrar that you bought www.blahblah.com and you give your IP that you want associated with it (in the case of DynamicDNS you still provide the information for your current IP). Their DNS servers will then become the authoritative DNS servers for that domain, this all is assuming you actually bought the domain and aren't just trying to hijack one. The DynamicDNS provider will typically contact the previous registrar to transfer the domain information. This is all assuming the DynamicDNS provider is also a registrar. If they are not, you will either need to pick one to register the domain with, or keep the one that 'your buddy' chose until his contract is up and then you can move to another provider. Domain transfers are typically an option when registering a domain with a new registrar.

Not completely clear, but hopefully a little more like water than mud

Cool

so how do I get my www.blahblah.com in dynamic dns. Because dynamic dns most providers give you a www.blahblah.xyz.com where xyz is their subdomain.

I think this is the sort of thing you are after

http://www.dyndns.com/services/dns/custom/