Looking into getting a WP site. I already have a domain name registered with another company and I do not wish to move it. Can I still use DH and simply create a new host record on my existing DNS registrars control panel to point to DH’s IP?
If you have a web hosting package, yes. You just go to wherever it is registered and change the name servers to point to ns1.dreamhost.com, ns2.dreamhost.com, ns3.dreamhost.com then you go to your DH control panel and add the domain name to be fully hosted.
There is a nice wiki page http://wiki.dreamhost.com/Transfer_your_hosting_to_DreamHost