"Localhost" refers to the local computer that a program is running on. For example, if you are running a Web browser on your computer, your computer is considered to be the "localhost." While this does not need to be specified when using a single computer, the localhost does need to be defined when running programs from multiple computers.
To make your website available to the public, you need a web server to essentially host or house your website. Web hosting is a service where a web hosting provider grants you space on a web server that houses your website and makes it available for viewing on the web.
There are many static websites on the Internet, you won't be able to tell immediately if it is static, but the chances are, if the site looks basic and is for a smaller company, and simply delivers information without any bells and whistles, it could be a static website. Static websites can only really be updated by someone with a knowledge of website development.
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