Registering a Domain Name

[kenstogie]

I want to register a domain name. Like for example. www.mydomainname.com

What are the steps? and

What's the Cost?

I have read that I should go to a internet registrar (what's that) and just search for my desired domain name and it's that simple.

(It won't be a high traffic website but more of a buisness site for information to prospective clients.)

Don't I need someone to host the site?

I can't be the only BOTL with this question.

Many thanks in advance!