A Friend had informed me about this, I havn't tried it yet. http://office.microsoft.com/en-us/officelive/default.aspx If you choose the basic package you get a free domains name, you need a credit card but no charges placed. +Rep if this works
You are locked into a website that uses a template model and does not allow HTML coding. The good news is that you can move the name after 60 days.