Yes mike that's pretty much it, if your database is rather large it can be a little tricky, there is a free php utility called bigdump that is a huge help in uploading and installing large databases. I have used it for data bases of over 50 megs (as a gzipped file) without any dramas.
You can then use ftp to upload the database and get round the timeout issues so often experienced when uploading large databases.
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