Easily set any page or post, including custom post types, as the homepage for your site.
If you don't meet the below requirements, I highly recommend you upgrade your WordPress install or move to a web host that supports a more recent version of PHP.
/wp-content/plugins/directory and unzip
Once the plugin is installed and activated, go to 'Settings' -> 'Reading' in the WordPress admin. You will notice that the 'Front page' dropdown now allows you to select from any post type. Choose what you want your front page to be and click 'Save Changes'. Viola! You now have a new front page!