Depends on your definition of 'out of the box'.
Does the software, as shipped, support it? Yes
Does the software, as shipped, make it easy to implement? No.
In other words, the underlying software supports dynamic DNS updates, but you're on your own when it comes to configuring your named.conf with the appropriate values. Server Admin (the standard GUI way of setting up DNS) doesn't give you sufficient control over your DNS server to manage this.
Therefore if you're comfortable configuring Dynamic DNS in BIND then you can do it with the stock Mac OS X Server. Just don't use the GUI.

Feb 26, 2009 3:38 PM

Based out of Germany, YDNS is a freeDdynamic DNS provider that only asks for you to sign. Our Dynamic DNS Update Client continually checks for IP address changes in the background and automatically updates the DNS at No-IP whenever it changes. Secure Key Based Updates Our secure DUC does not resend your No-IP credentials each time it sends an IP address update, instead it sends a unique key for username and password for your. DNS Made Easy Enterprise DNS services provide support for dynamic IP addresses and the capability to issue instantly propagated IP updates as soon as a change is made. Dynamic DNS helps you avoid connection interruptions and allows you to use applications that usually require a static IP address. /updater/ Dyn Update Clients + API Using an update client with your Dynamic DNS (DynDNS Pro) or Dyn Standard DNS hostname allows you to make sure you can always reach your home network, because it makes sure that your hostname is always up-to-date with the latest IP address.

Dynamic Dns Update Client For Mac

Mac

Dns Server Mac

This is a client for the afraid.org dynamic DNS service. If a cron job detects the external IP address has changed it connects to afraid.org and updates the DNS entries of all the domains of the given account. This client is available in the YUM repo via: yum -y install afraid-dyndns It has also been tested on Mac.