What is really the issue here? Domain names generally cost less than 5Â£ / year (for a .com) and here in Switzerland where everything is expensive, I can get a domain for 22.- CHF / year (about 6Â£).
Some hosting companies will even give you a free domain name as part of their promotion. I have accounts at two different hosting companies and both offer an unlimited number of domains per hosting account and an unlimited number of subdomains; like art.myphotography.co.uk. The domains and sub-domains are completely configurable and my service providers offer one-click install to add things like phpBB (which is the software running this forum), and Joomla (a content management system much like the one to run dphotographer).
Spend $25 and get 4 dot com addresses. Use one for personal stuff and the other for fun and profit. That's what I do. I currently have 5 domains running on Bluehost.com and another 3 or 4 on dreamhost.com but I have only 2 hosting accounts.
If all of this is greek, latch on to a friend that does websites and pick their brain.
examples of sites I have on a single hosting plan:
(site I built for my sister)
(site of a now-defunct business I tried to start)
(family / hobby site)
(My recent bicycle tour of the LOire River Valley)
(fictious B&B, example of sub-domain)