Web site local host problem

I have Microsoft Windows 7 on my laptop. I am trying to run a website from this computer just for personal use. I started up IIS services from Windows Features in control panel. Also configured website through IIS Manager. Most of the things are working fine and i am able to access the site through my own computer using http://127.0.0.1/. But whenever i tried to open this site (Using my Ip address) it says webserver not found/ site not found.
I tried configuring my firewall but i don't know what settings to apply for my site so i disabled the firewall too. And tried accessing site still its same as before.
I am using Windows 7 IIS 7.5 with a dialup connection and i want to know why this is not working for me. Do i need any special hardware like servers to run a web site?
I also heard about some port forwarding thing but don't know exactly how to do that it will b great help if you can tell me how to setup this site for my own personal use.
