As well as a domain you'll need space on a server to 'host' the web pages, images etc that make up your site. There are numerous sites online that sell server space. Your ISP may include a small about of server space with your internet connection. Again the prices you pay can range from free to thousands of dollars. You should be able to get all you need for $5/month. Again free hosting probably means the host displaying ads. Check the limited on the size of your server space (The amount of files you can host) and the download limited (every time someone looks at the site the files are downloaded).
How to Set Up a Music Website - Step by Step
By Heather McDonald, About.com
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