If I give my laptop (Win 7 Ultimate) a static IP to work with my home router, I'm assuming this will prevent it working on other connections such as friends & family unless I revert the IP settings to 'Obtain an automatic address'?
It's for uTorrent, so I can forward a specific port on my router.Why do you want a static IP in the first place?
As mentioned above you could give yourself a fixed IP by setting up an IP reservation against your MAC address in the router. You could then leave everything on automatic settings.