Ronny L,
To clear things up a little, ANY site can be a buffer site - Wordpress, squidoo, hubpage, blogspot or even a profile on a forum - (buffer site - site in your backlinking chain that eventually points to your money site).
A buffer site is one that is sitting on a high PR domain, like blogspot or webly, that already has tons of links to the top level domain so G won't notice tons of new links suddenly being pointed at a new page on the site.
Your buffer site's purpose is to have tons of junk links linking to it and in turn the buffer site links to your money page. The ultimate goal is to filter the link juice from the junk links through the buffer site onto your money site - without getting your money site deindexed or sandboxed.
I would advise against trying to set up your own server to host a wordpress buffer site. Mainly because you are going to need many buffer sites and they each need to be on a different Class C ip address for link juice.
So a search on BHW for linkwheels or link pyramid and you'll find lots of tutorials that will outline the process and give you a list of Web 2.0 properties to use a buffer sites.