Single Post as Home Page

Before you jump me for the post title, I must let you know that I have searched and searched and searched and have still not found a solution to this.

My URL
http://blog.mtthwmllr.com/

The Problem
I’d like my home page to display my latest post. Just one. I don’t mean that I want it to display only one post as defined in Settings / Reading / Blog pages show at most 1 post per page.

I mean that the homepage should be showing my latest post as delivered by single.php. The URL in the address bar should also be the permalink to this post.

The closest thing that I’ve seen that should have worked is this:
<?php $wp_query->is_single = true; ?>
but that, in fact, did not work.

Any help here would be terrific!