Sure, it does depend a bit on your domain name provider, but enom and godaddy for instance offer a control panel that lets you point the domain to a IP number. And is really all you need to do. You should find this option under "host" and it should be possible to make several subdomains like mypalace.domainname.com or website.domainname.com etc.
Off course this means your IP has to be the same always, or you have to update it manually. You can also go for a dynamic IP host and link the domain to this. It depends on the service your domain registrar offers I guess.
Hope this helps you out.
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