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Yep, that's the way to go. You have no idea what your visitors are using, it's a liquid medium NOT PRINT! ;)
There's quite a lot of stuff [google.com] out there, have fun!
I still like designing fixed width to 700px or so. A list Apart recently redesigned their site to an even narrower width that that - when many people thought that they would chose an elastic or liquid layout. After using their new site for a while, i have to say that I like it, and the narrower width actually improves readability.