You boot up an ec2 instance and want to give a domain name to a friend that isn't 100 characters long. How much effort does it take you setup your bind solutio

You boot up an ec2 instance and want to give a domain name to a friend that isn't 100 characters long. How much effort does it take you setup your bind solution? Particularly if you've never setup dns before. Can I do this given that I'm not running any other servers? The popularity of dyndns should give you a sense of demand.