Have verizon phone but want iphone5?

So back in February I had gotten the Iphone 4S and i have a verizon 2 year contract. Now i was thinking of getting the iphone 5. I'm aware that if i get it from verizon it will cost like a lot of money so i would just get it from the Apple store by my town. So i'm just wondering is it possible to buy a phone from apple and then go to verizon and switch my number to the 5 and use that phone? This whole 2 year contract confuses me lol.

You can buy it and activate on your current Verizon account but you will have to pay full retail price.