Please explain using add-on domains with the Domain Mapping plugin.

I have 10 personal domain names that I want to manage in one Multisite install. I would like to do this with domain mapping without spending big bucks on a Dedicated IP address for such a small amount of personal sites.

Will someone please walk me through the steps for using add-on or parked domain names?

I found the basic information under More Options toward the bottom of the Domain Mapping plugin instructions on this page:

I am confused as to how to make the add-ons and parked domain names work with the subdomains created by WP multisite.

My hosting account is a Hostgator reseller account with WHM/cPanel.