There are two fees you need to take into account.
The domain name fee, which is basically buying your name (
www.wellcraftv20.com) and the hosting/storage fee.
The domain name fee is pretty damn cheap, a couple a bucks a month or a set fee per year. The hosting fee varies on the amount of storage space you need, which is drastically dependent on what you are hosting (pics or text). This also includes your bandwidth, which is the amount of traffic you will have. ie...you have a 100 megabyte webpage and the entire webpage is viewed 10 times a month you need atleast 1000 megabytes (1 Gigabyte) of bandwidth. Check out godaddy.com for rates on various plans.
Also like parish said some ISP's supply you with a hosting service and domain, although the domain will be long (myhome.comcast.net/csvencer...etc). You could use the free hosting space and buy a domain that redirects, as in svencer.com redirects you to my comcast page so I only have to pay a couple of bucks a year for the domain name and not the hosting but I still get the benefit of a simply website name.
Hope this helps more than confuses, if you have any questions fire away. I ran a page for 3 years a couple of years ago so got pretty familiar with the system.
-Svence