Installed OpenWRT on my wireless router (Linksys WRT54GL). Default firmware from Linksys wouldn't do DHCP and static IP allocation at the same time. At least I couldn't find a way to do it.
Default installation of OpenWRT does not come with an HTTP server so all configuration is done over SSH sessions. I could always install a web server with configuration manager but it works well as it is.
Spent a good chunk of my time with configuration. One problem I had was that I was following instructions for configuring a previous version - White Russian - rather than the current - Kamikaze. Information on getting Kamikaze to do what you want seems rather fragmented. Might be because it's new.
Plan to get it to update DynDNS domain and forward some ports to my desktop.
The desktop was given a static IP by configuring DHCP on the router. I found a discussion about setting up and troubleshooting static IP addresses. I configured dnsmasq by adding MAC-IP address mapping in /etc/ethers file (and made it readable by user "nobody").
Configuring DHCP and DNS on OpenWRT