CRON Jobs and Backups

hi all,

i've googled and searche dmy pgsql books and i can't
quite get a confident grasp on cron jobs.

as i understand it... the following should enable me
to backup via cron:

PGUSER=postgres
PGPASSWORD=password
export PGUSER PGPASSWORD
pg_dump databasename | gzip > databasename.bak.gz

my interfaces is cpanel and it only gives me one line
to type this in... can i replace the returns with a
space and will this still work?

eg, PGUSER=postgres PGPASSWORD=password export...

will databasename.bak.gz be stored in the same file as
my database?

how can i store the file on my local computer?

i finally have some data in my db and i scared of
losing it. *real* scared!

tia...

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