EDIT 05-12-06: Finally there is a working solution. Semiologic.com has produced a great plugin that works without a hitch. Download the Semiologic Static Frontpage Plugin, it's a breeze to use. Just create a static page with the slug "home", and you're done!

—- the following is left here for the history books —–

I've already posted instructions on how to do this, but now I've found an easier way:

Enter Home-Page Control, a plugin by Il Filosofo. Just install the plugin, activate it, create a Wordpress Page, and set the plugin to display your Page as the startup page.

Great for using WordPress as a website content management software!

EDIT 02-12-06: This plugin does not seem to work at all. I'll be posting detailed instructions on how to do this, soon.