Why? 

bulletIt's the ultimate vanity plate
bulletMake up e-mail addresses at will in your domain (one for Amazon, one for Ebay etc.) and cut down on junkmail
bulletGet an e-mail address for life that won't have ads
bulletBecause you really, really want one

How?

First, make sure you can get the domain you want.  Go to whois? and see if it's available.  If so, don't reserve it through them - have your host do it (much simpler, and at least mine doesn't charge for it (see below) though plenty of others will rip you off with a fee.

Then, buy yourself a copy of Frontpage 2002, and then arrange with a provided to host it. Make sure the site includes frontpage extensions.  The upgrade is the best deal, I think, but do your own research.

How much work?

This site is maintained (sloppily) with Frontpage.  A simpler example is one of my other domains, http://www.Realtyclub.org - Only took about three hours to put up.  I spend about 10 minutes a week maintaining it.

Where?

We're hosted by 1and1 - I actually don't know where they are, but I like them a lot.

Or you can simply park a domain with them for $3 per month to get control of it.

I chose them because they don't house adult content (which means their servers won't get swamped by the newest pictures of the Baywatch cast exercising really bad judgment) and because their tech support responds FAST.  And they're cheap.  PS Mention Shlaes.com in your subscription and I get a credit.  Thanks!

That's too much work/money!

Maybe you should consider hosting photos on http://www.photopoint.com or maintaining mailing lists on http://www.egroups.com - Both can give you virtual web presence and a way to communicate.  And no software other than what you already have.  And they're FREE!