any suggestion about where i should go to register my site also is it must to buy the hosting service from the same company or i can go for some other? What would be its impact on the site?
I'd stay away from Godaddy, especially if you;re doing anything that even may remotely be considered gray hat. Too many stories of them pulling domains even if they get a single complaint over your site.
After doing some researching (my mind is still spinning from all the information out there), I think GoDaddy and HostGator sound decent.