Unfortunately, it is not very simple.
First off, you need some form of hosting. Since you indicate that you want to serve the page from your local machine, that becomes your hosting.
Next, you need to point your domain to your host. Most paid hosting services provide nameservers to point your domain to. In your case, however, you will need to obtain a static IP from your ISP, and manually create an A record using Godaddy's control panel, which points your domain to your static IP.
Then you will need to forward port 80 to the computer running the webserver. Also, since this computer is now publicly accessible on port 80, make sure you are running the latest version of the webserver to reduce any security risks.
Finally, in some home network setups, typing in the domain name from the same subnet as the webserver may not work. Be sure to test your website using an external connection.
Also, DNS changes may take up to 48 hours to propagate across the internet. If your website does not work immediately, wait for some time before trying again. I have noticed that Google's Public DNS servers (126.96.36.199, 188.8.131.52) usually update withing 15 minutes, try using those to test your domain.