The external IP is abritrary at this point.
Basically you are NAT'd your internal machines to that IP address.
The dsl router will handle all of that for you.
As long as you set all of your machines to use dhcp and plug them into the dsl router.
Your dsl router should have at a minimum 2 ports on it, 1 is your WAN port and plugs into your dsl Modem. And the other you would plug into either your PC or a switch. Your dsl modem should plug into your phone line. Your dsl modem and router are 2 seperate devices.
If you only have 2 ports on the dsl router then you need a switch.
Then plug your dsl routers port into the switch, and connect your systems into the same switch. They should be able to obtain an IP address from your dsl router, assuming that dhcp is enabled, which it usually is by default.
This is the easiest way to get up and running.
By no means is it the only way though.
Personally I prefer using linux as my "dsl router" using rp-pppoe, but that's just me.
The main prinicple remains the same across all of the different implementations. You are taking a single public address and NAT'd (network adress translation) to private IP's. That way all of the outbound connections from your network, no matter what machine they originated from, look like they came from 1 IP.