Setting up MX record for mail server

The guy who handles all this stuff for me was seriously hurt in a car accident so I feel the need to take on some of his mail, DNS and server duties but I've forgotten a lot of stuff so I got a little VPS set up to tinker with and I'll have some questions.

I want to set up a mail server and you see many examples around where the MX record points to the mail server at 'mail.mysite.com' but, if the mail server is the same as the domain server, can you just set the MX record to 'mysite.com' and won't Sendmail or Postfix still get their mail?
 
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