Got a Domain name. What next?

Hi everyone!
After years and years of wishes and dreams and calculations, I finally bought a domain name from godaddy.com.
Some of my friends might know that I keep a personal blog (see my signature). So what I intend to do is just forward the domain name to the blog.
Should I buy a hosting service? What is your opinion? Or is there any free service that you use? (I’m considering heroku.com)

So my domain name is erlangish.com (Yeah! I’m a big fan of Erlang programming (ok, I’ve just started to learn how to write hello world, but still… I’m really serious about erlang and hope to use it for programming along with AS3 of course).

So what do you suggest? Actually I know nothing about real website hosting. Played around with some co.cc names and couple of free hosting sites.

Would like to hear your opinion. :smiley:

Btw, any tips or precautions or anything I should care in particular about the registered domain? Tell me about the renewal, upgrade etc…

[edit]
ok it seems like the url forwarding to my blog works. (it took some time for the changes to get updated).

I’d like to know about web spaces, web hosting, cloud hosting etc.
How to set up eg: blog.example.com. (the blog. part). Is it possible only after getting a web space?