Ok... Here is something I would absolutely recommend to you bud. Save yourself the time, money and the head ache of running a web-server from home... it's just not worth it... It's not only a Server you need... you gonna need a whole bunch of other stuff that ties into your web-server... Dedicated IP is gonna drain your pocket, you gonna get hacked and cracked on weekly basis... It's gonna be a nightmare. Believe in me, I have tried that and decided that if I need to keep my site live for more than a week... I need something dependable. One mistake can cost months of work to go in the drain.
You can get hosting for under 5 bucks and all that good stuff from a host that you choose... I am currently hosting my site at http://hosting.netsectors.com
and it's great! I get bunch of stuff to make my life easier running my site http://www.netsectors.com
Check it out, it's awesome... almost $0 overhead and crazy backup systems, so in case your DB goes out of the window, you can bring your Initiative back up in no time
Good Luck Bud,