Right now I'm having to save my code on local machine, quit node.js server, and restart it to see the changes. What would be great is if I could make it reboot so that whenever I click save on my favorite editor, it will automatically start the restart sequence and load the page on my web browser. Can grunt achieve this?
You don't really want to work that way. Instead setup a version control system (SVN, git, or whatever suits you) then set it up, so that the code is deployed only after you actually commit the code. You don't want to restart your server on every file save, as this will slow you down considerably (and will also result in pushing a lot of buggy code to the server).
You could use the "up" tool it'll watch a dir for changes and reboot when it finds them.
On the command line run:
npm install -g up
Then you can use it to start your node app:
up -w -t 500ms -n 1 -p 3000 server.js
where the server.js file is a file that exports your http server
See the "Setup" section in the following link to export your server: