Okay, so here's what you do.
Go to Domainsite.com. They have the best deal on domain names, and you get actual ownership, unlike Godaddy that can take your domain instantly if you miss a payment. Domainsite will let you register any .com domain name for about $10.99.
After you've done that, find yourself a hosting account with Cpanel. Cpanel is very useful, and takes a lot of the work out of doing the cool stuff. Cpanel with Fantastico is better though, because it has a much larger variety of things that can be installed in one or two clicks.
To find a cpanel host, there are a few places you can look. Good web hosting is truly not expensive these days. For a good entry level web host, expect to pay between $8 and $10 a month for hosting.
Start with webhostingtalk.com and check out their offers section.
Another good place to look is host search (http://www.hostsearch.com/shared_hosting.asp)
Once you have your domain and your web hosting, you want to go into cpanel, and set up Wordpress. Once you've set up Wordpress, go to Themeforest and find yourself a good looking professional Wordpress theme. Should cost you about $35 (http://themeforest.net/category/wordpress/blog-magazine). The cool thing about theme forest is that the designers that make these things are available to answer your questions. Before buying one, make sure to read the customer comments to make sure that there are not a lot of complaints.
Anyway, that's how you do it.
From there, all you need to do is a little graphical tweaking here and there.
Good luck and enjoy.