Here are some answers:
Can you have your site hosted in a country out side of your own?
Yes definitely you can. This is the internet so as long as your host is online, you can view your site anywhere in the world and access it to change it as well.
If so what are the advantages and disadvantages?
Advantages:
If you're like me who lives outside the US, you will find that hosting accounts are cheaper in the US than if you get it in your country. Also the service are more reliable and the technology is more advanced in terms of hardware and software. Plus competition in the US for hosting is stiff driving costs down and service levels up which is good for us consumers.
Disadvantages:
Notable disadvantage is the support issue when you need to contact your host badly. Unlike when your host is around the corner or in country, you can probably drive there and check the problem yourself.
You may also end up paying much for telco costs and have to bear with them getting back to you during US business hours (which is night for me).
In summary:
But overall, the advantages outweighs much of the disadvantages so I would say you should not worry hosting your site elsewhere expecially in the US.
Hope this helps.
