Linux will work with either a static IP address (can be a local, non-routable one such as 192.168.0.X or similar) or a dynamic IP address. In order to use a dynamic IP address, you will need some form of a DHCP client running on your system. You probably have at least dhcpd included in your distribution (try man dhcpd for help with this utility). You might also try the DHCP mini-HOWTO for additional information. Static IP addresses are typically set in the system initialization scripts in the /etc/rc.d hierarchy.
You can use the hostname command to set the hostname; the fully-qualified hostname may be kept in a file such as /etc/HOSTNAME (note caps). The hostname is typically reset during system boot; you can review the scripts in the /etc/rc.d directory hierarchy to see where the name is set during boot (often in /etc/rc.d/rc.inet1 or similar). Choice of hostname is completely up to you.
Hope this helps.
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