Yes, you can definitely have an IP based video conferencing session directly from the comfort of your home. All you need to have is a reliable internet connection. The rest of the things are secondary.
You should be having a static IP address connection in case if you want to receive a call. Think of it as a mobile number. You give your phone number to people and they call you dialing your number. Same is a Static IP address that doesn't change. Most of the ISP can give you instantly. After that, there are ports like 1719 and 1720 should be opened on your iP address as well. One is signalling port and the other other is traffic port.
Now, you are all set to have an IP based video conferencing from your home. You can donwload Polycom M100 Video conferencing Software. Download that software and select H.323 in preferences if you want to dial an IP address of the far site. Bingo, You will be instantly connected.