Creating a CNAME record for any of the domain addresses or subdomains that you've got in the hosting account will permit you to point it to a different domain/subdomain. The forwarded domain will lose all its records - A, MX etc, and will take the records of the domain address it is being directed to. In this light, you can't set up a CNAME record to point your domain name to a third-party provider and retain a working e-mail service with the first hosting provider. It is also important to note that a CNAME record is always a string of words and never a number as it's often confused with the A record of the Internet domain being forwarded. One of the primary uses of a CNAME record is to forward a domain that you own through one company to the servers of another company assuming you have set up an Internet site with the latter. In this way, the website will appear under your own domain, not under some subdomain provided by the third-party company.