Hosting My Own Site

So you have to pay monthly for a domain name (coolguy.com)? Then you pay a company to host the website - and that means you use there hard-drive and processor? I clicked the thread cause it said "hosting my own site", can this be done? I've build a website on freewebs.com years ago and always wanted to do a real one. I didn't like that you don't actually lean the coding you just seem to use a program some else designed to make it easy for someone else. Once I buy the domain name how do you access the site to edit it? I want to start doing this but at the moment i'm so lost.
 
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