if you purchase a hosting account at godaddy, the hosting like $3 a month for the cheapest or something and the domain is $1.99 a year or something when you order hosting with it.
Yes, you would login to Godaddy and go into your control panel, where you can setup MySQL Databases, SubDomains and other things, but you would have to edit your website in a HTML or WYSIWYG editor on your computer though, and then upload it via FTP to your GoDaddy hosting account. You can use the MySQL databases to set up your own forum or whatnot. If you need any additionial help, AIM me.
I've had a Godaddy account in the past.