What is the signifigance of the name "localhost"

[clane]

I am relatively new to Linux. I have a working network between a Linux box and a Windows box. I fumbled and stumbled through the setup process the best that I could, just to get it working. I am now going through some of the security areas, Samba, and other networking setup stuff to try and add in some of the security features that I know I stripped out just to get it working. So the question:
What is the signifigance of the name "localhost"? Is this name etched in stone? Can it be changed? And if I change it, will bad things happen down the road? Or am I just asking a dumb question? The only reason that I am considering changing it is to give it a little more meaning (ie OfficePC).

[ShieldWolf]

I think you can change it, but just to be on the safe side, make a backup of the original file, just in case.

Sorry I can't be more help, but I'm logged into Windows right now since I was playing MechCommander 2. :( Games are the only reason I keep Windows around now. If Microsoft is smart, they'll do all they can to make sure that Windows remains the main gaming system, since games made more money than the movie industry this year. Oops, I'm rambling. Sorry , too much caffiene. :D

[sharth]

localhost is basically a domain name for 127.0.0.1 that is basically, your computer. If you have a global domain name that you wish to use in place of it, then go ahead.