If you're talking about a local network, you can pick any arbitrary host name that you'd like. Same for IP addressing; usually people assign 192.168.0.xxx (where xxx is 1-254) for their IP addresses.
If you're on a public network, like the Internet, you're assigned an IP address and a hostname. You can go to
http://whatismyip.com to find out your IP address, which if you're not behind a router, you can give to someone, and they should be able to access your application.
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