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WHC Internet Marketing Guide
Sure, you can host your website at www.your-isp.com/~your_username/, but that makes you look like a small-time hobbyist. You have a lot more credibility if your site is hosted at your own domain name, and your domain name is descriptive of the products you're promoting.
Domain names can be registered for under $10 per year -- a trivial expense if you intend to make any money at all from your website.
I recommend registering your domain name at NameCheap.
The reason I don't recommend GoDaddy (even though they're slightly cheaper) is that I've heard from various sources that GoDaddy is quick to shut down domain names based on as little as one spam complaint, whether legitimate or note, and that it can be difficult and expensive to get your domain turned back on. It's never happened to anyone I know personally, but I'd rather not take chances!
* Amazon.com best sellers displayed using CaRP Evolution with expanding reviews powered by CaRP's "Expander" plugin.