The whole project focuses on using the IP Webcam ($4) app and your phone’s camera to create a security camera.
You’ll need to set up port forwarding on your router, which should be easy enough, but if you’ve never set up forwarding, follow the instructions. “Super users” can also set up their own dynamic hostname with DNS.
I’ve set up something similar with my old Droid Bionic and I’ve noticed my phone gets hot when it runs constantly. This might be an issue you need to be aware of.