Configure Static IP

ok need some help here on configuring my static ip. I am following the guild in the wiki here

I think I get this part````
iface eth0 inet static
address 192.168.0.1
network 192.168.0.0
netmask 255.255.255.0
broadcast 192.168.0.255
gateway 192.168.0.254

if I am understanding it right the only part of my address that changes is y in this example````
x.x.x.y

the next part I is the part I am haveing truble with

192.168.0.1     server1.example.com     server1

now I know that my ip starts it off what do I put in the rest

I just got the domain www.daneth.info and have not configerd it yet threw godaddy

wuld I use somethign like

192.168.0.1     somename1.daneth.info   somename1

and if so do I need to do any thing with it at godaddy? like point it to a name server?

I am shure I will have more questions later but I wanted to know what to put in this particular file be for going to far

thanks for any help you can give to the noob :)

btw I am running Ubuntu 8.10 if that is needed to know