If you have never had a site of your own, now may be the perfect time to get your feet wet. Microsoft is offering the “Microsoft Office Live” beta program. When you sign up, you will get a free domain name, and three months free hosting from Microsoft.
The great thing about this is the fact that you will own the domain name. So if you dislike the Microsoft hosting, you can transfer it to a different host at the end of the three months. With the beta, you also get 5 free email accounts. And if you enjoy the Microsoft hosting, keep it for $29.95 a month.
Andrew Shuttleworth has posted a good overview of the Windows Live Hosting (with pictures!)