No you need to buy ether first and transfer it to your wallet, and then pay the amount to the contract to start the auction. A small amount is used to pay for the transaction and the rest is locked down as long as you hold the domain (aka. can be recovered if you give up the name).

However be aware that the domain sniper i was up against had bid 400 USD. You might be luckier though if the domain snipers does not suspect that your domain is in fact a surname. As some domain registrars also starts decoy auctions.

Also if it is not that important to you, you could take a gamle on a lower price. But again how much is that domain really worth to you? Is it actually important to you?