URL to access localhost

Is there any possible way for me to type in a URL
such as www.mywebsite.com into my addy bar in my
browser and have it bring up a certain file in my
wwwroot folder?

You should make a website or virtual folder (depends on which windows version you're using) in IIS. If you're running Linux, then I cannot help you, sorry.

On your desktop, right-click "myComputer", go to "Manage". Then click "Services", and go to "IIS". If you're running winXP or win2000-Professional, you'll have a "StandardWebsite" thingy there. Right-click it and go to "New" and click "Virtual folder". In the "Alias" thing, you should write a name of the website ("www.whatever.com") or something that helps you remember what this site is about ("myHobbySite"). Then choose a folder in the wwwroot where your wesite is situated.
In win2000 server edition you should make a new website (instead of a virtual folder) and the other things are basically the same (I think, but it's been a while since I've done it).

When you've made your virtual folder or website, then you should right-click the virtual folder/website, go to "properties" and there you can make some finishing touches. FOr instance, set the default page for your website (when people go to "www.whatever.com" a page should be displayed). In the "documents" tab you should add the name of your default page (like "home.htm" or "index.htm").

When you type "http://localhost//nameOfYourVirtualFolder" in your browser you get your website. If you want to type "www.whatever.com" then you'll have to configure the DNS with forward lookup zones and stuff... (The MS DNS configuration thingy)

I hope it does you some good...

Also,

When I assign the virtual folder does it have to be in the wwwroot folder for asp to work when I view it in the browser?

Can I just have a directory in My Documents or on the C Drive and it still work?

Assuming you've got a webserver running on your machine you could just edit you host file.

Go to C:\WINDOWS\system32\drivers\etc open the file hosts in notepad

And add the line 127.0.0.1 www.mywebsite.com