Basic query

Hello,
i am a newbie to this USRP. i have some basic queries. i would like to
know
about the applicability of USRP without the daughter board. what i
understood is that the USRP(N210 for e.g) contains a FPGA (and not
processor) and ADC/DAC. This setup is programmable from PC either
through
USB or Ethernet. The programming could be done in C/C++. Once it is
programmed, i can access the signal from ADC port and also feed any
signal
into DAC port.
Again, with the daughter board in addition to this, i can generate IF/RF
at
any frequency the board supports. This is what i have an idea about the
complete system. please correct me if i am wrong anywhere and also let
me
know anything in addition to this which i dont know.
Also, how is it possible to have a standalone system with this.