Setting up your custom URL with GoDaddy is easy. Assuming you already have a domain registered with GoDaddy you can follow these simple steps.
Sign-in with your account.
Navigate to the 'My Account' page.
Go the to 'View Domain Manager' screen linked under the 'Domains' header.
From the 'Domain Control Center' you can manage your domains. To register a new custom domain name, click on "Register Domains" in the top right corner of the page.
Select the domain you wish to point to your Wetpaint site. Your domain should appear linked from the middle of your screen.
You will now be on a page that looks like this:
Click the 'Total DNS Control link
Find the section that lists 'CNAMES (aliases)'
In the first row that is labeled 'WWW' click the pencil icon on the right of the page - this will allow you to edit the CNAME record.
Keep the alias name as is: "WWW"
Update the 'Points To Host Name:' field with the subdomain for your Wetpaint site (sitenamehere.wetpaint.com)
Click OK
Click the manage link for "Forwarding" (under "Domain Information" on the screen in step 6)
Click "Edit" and enter your custom domain (i.e. http://www.customdomain.com)
Click OK
Now, if you haven't already, update the settings area on your Wetpaint site with your custom URL (http://www.yoursite.com/page/Site+Settings).
Now you are done!
NOTE: It may take 24-48 hours for your domain change to take effect.