Web Server
Introduction
Pros and Cons
Having your own server requires you to have an always on connection to the internet, otherwise your website will only be accesible when your computer is online(Same goes for your computer, when its off, you wont be able to access your webpage through the internet). However there are some advantages in having your own webserver, such as you have COMPLETE control over your server, this of course means you can host anything as long as you have enough space on your hard-drive and have enough bandwith to host it with. One thing when hosting your web-server tough is that you will need a Static IP address, and a domain unless you want your viewers to have to remember your ip address(http://64.233.179.99/) One important thing you never want to forget is that since you're in complete of your server, make it safe against hackers/virus, etc, make sure you have a firewall installed and other security products such as Tripwire (for spotting server intruders),etc.
How it all Works
When you type http://www.google.com into your browser it is first sent to a DNS servers to find that Domain name until they find it. Each domain name represents a static ip address, for example, http://www.google.com would be http://64.233.161.99/, but instead of remembering numbers DNS servers make it easier for us by translating the numbers into memorable words. After the DNS gives your computer the static ip, it is looked for on the Internet until it is found, after which if the server found you will get the Main page shown on your browser, otherwise you get get a "Page not Found" page if server is not online, etc..