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I got a public IP from GoDaddy, on which I want to host my website.
I want to create the server at my home, on PC or laptop. I want to test with my laptop, which is connected to internet using a wifi hotspot.
Can I configure the public IP to point to my laptop? I have a web server running on my laptop so any one can reach that website.
I doubt this will work as you're expecting. There's an easier approach.
IP addresses are part of "networks" (and smaller "networks" are called "subnetworks", a.k.a. "subnets"). They are frequently grouped geographically.
The IP address given to you by GoDaddy is likely pointing to their network. By saying that the IP address is yours, I believe they mean that the address can be used to point to equipment on GoDaddy's network, and that equipment will serve your websites. There will not be any other customers who have websites use the same IP address that is reserved for your stuff. So, in that sense, it is yours.
What I presume you want to do is to host a web server at home. If you want an IP address to point to your equipment at home, get such an IP address from your local ISP.
GoDaddy's services can still be useful for DNS. You can have a domain name registered from them, and use GoDaddy's web interface to make that domain name use DNS nameservers that reside at your house.
Whether your laptop gets the IP address that your ISP provides, or not, depends on your connection type. This can be done with "bridging" setup. In other cases, your "modem" ("DSL modem"/"cable modem") is what gets the IP address, and your internal equipment get private IP address. However, that's okay, because you can have your modem use "port forwarding" to send the HTTP traffic to your laptop. Your laptop can then respond to the traffic, so from the world's point of view, the HTTP traffic does appear to be coming from the IP address, and the HTTP content is being provided by your laptop.
It seems to me it might be easier to simply have the domain name of your website point to your laptop/pc. You can put an entry into /etc/hosts on your local laptop that points to the local IP address of where you are building the website. Something like:
192.168.1.xxx www.mywebsite.com
where the IP address is the pc you are building the website on and the url is the eventual public domain of the website that points to your public IP address. The /etc/hosts entry will override dns making your computer think that the local IP is the public one. Very helpful for applications like Wordpress that only behave well when configured and operating on the intended domain. Here's a quick guide to modifying your hosts file.
In any case, even if you could set something up on your PC, check the policies of your Internet Service Provider. For example here in Australia my ISP specifically disables Port 80 etc. access to my IP address, no matter how you get to it.
My suggestion, for what it's worth, is that you consider setting up your server on a free or cheap commercial server provider. They have policies that will allow a certain amount of traffic to reach your site, but may charge more if your site gets very busy.
