From what I have read there is a big difference between wet-aged and dry-aged steak. Wet aging does not do anything for texture or flavor - but a lot of steak advertised as "aged" is wet-aged as opposed to dry-aged. Dry aging (ageing?) takes two commodities: devoted space and time. It will rack up the price of a steak.

I have read about dry-aging steak at home, and was daunted by the suggestions the articles I read made. Things like having a mini-fridge devoted just to dry aging - putting a fan in the fridge to ensure proper circulation of air - and so on. It seemed like a bigger investment than I was willing to put into it.

Perhaps your friend's suggestion is the down-and-dirty method. Maybe it is quite effective. I do know that you should start with a cut of steak that is bigger than what you'd like to end up eating, as you'll lose some meat to dessication, and that steak with bones is better than steak without (you'll lose less meat, I think).

I don't think the steak you get at chains like Texas Roadhouse or Outback or similar places is dry-aged. It's more of a high-end, Peter Luger's sort of thing.