there are a few considerations....
1) Most isp's block the traditional ports (web:80/443 ftp....). Many cases hosting a website violates your service agreement. You can still use an another port, but its kinda funky (looking).
2) Does your ISP give you a static or dymanic IP? A dynamic IP changes periodically, so you'd need a dyndns service to keep your domain and ip "synched." If your not planning on using a domain name, you can still hand out your ip, but again, if it changes, you'd have to let everyone know. It might not be so bad if only a few friends used it, but otherwise....
3) Since you probably have only 1 IP, you most likely would need to connect the server to a firewall/router box and set it to forward the appropriate traffic (eg traffic on port 80) to the server (the firewall/router sits between the internet and your server).
4) You need web server "software" like Apache (runs on everything) or IIS (windows).
I think the switch/hub/router subject has been discussed before. Search the board and see what you find.
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