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Domain names disappear extremely fast. Many people claim that all the good domain names are gone. I doubt that — but it is probably true that most good domain names that are descriptive of products and services have been taken. If you want a domain name for your site, I suggest you act now, or face the anguish of having lost that name later. After all, US$10 (more or less) for a year's ownership of the name is rather cheap when you realise that you're securing a good name for your website.
An important function of domain names is to provide easily recognizable and memorizable names to numerically addressed Internet resources. This abstraction allows any resource to be moved to a different physical location in the address topology of the network, globally or locally in an intranet. Such a move usually requires changing the IP address of a resource and the corresponding translation of this IP address to and from its domain name.
The first step to starting your website is registering your domain name. Think of your domain name as a street address for your website. Without a domain name, you would have to tell customers to visit your website at a temporary url such as 18.104.22.168/~yourwebsite instead of yourwebsite.com. Get your own domain name to lend your site a professional look and establish your online brand!
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GoDaddy — This extremely popular registrar (probably the biggest today) offers .com domain names for $9.99 (plus 20 cents) per year (or $6.99 plus 20 cents if you transfer from another registrar). They have a web interface to manage your domains, free web redirection (where people who visit your domain will get transferred to another web address of your choice), free starter web page, free parked page or free "for sale" page, and an optional private domain registration where your domain is registered in the name of a proxy company. Besides .com, they also sell .us, .biz, .info, .net, .org, .ws, .name, .tv, .co.uk, .me.uk and .org.uk, etc. Note that (as with all registrars) the exact price varies depending on which domain you are registering (for example some domain suffixes are more expensive than others). Both credit card and PayPal payments are accepted.
In order to register any domain, you must provide certain personal information that you may not wish to be publically searchable in the Whois database. Signing up for WhoisGuard is a great way to keep your registration data private. WhoisGuard acts as a "shield" for your searchable information, displaying the address, phone number, and email of the domain registrar (Namecheap, e.g.) instead of your own. Keep in mind that WhoisGuard is an optional security add-on that must be renewed separately when you renew your domain.