Please explain Bind, named, NameServer, DNS

[domino]

As far as I know, all of them are running as I fallowed the Perfect Fedora 4 installation. I have always relied on an external DNS service to do my work. Now I would like to do it myself for education's sake. Is this the procedure?

1. Go to www.mainwebhostserver.com registrar and make it authorative by adding the NameServer:

ns1.webhostserver.com
ns2.webhostserver.com

2. Point NS in registrar for www.clienthosting1.com, www.clienthosting2.com, www.clienthosting3.com, and so on to:

ns1.webhostserver.com
ns2.webhostserver.com

In GoDaddy, I have the option to add Domain Hosts. But it says the fallowing:

Domain hosts are not required unless, for example, you intend to set up your own DNS server. We recommend that you DO NOT use this tool unless you have a thorough understanding of this process.

Then there is a blank to enter the ns1 and ns2. What I don't understand is why it requires an IP address. It would not make sense to pair an IP address
with the Domain Hosts since my IP is dynamic. So does this mean I can not run a DNS Server?