You probably will want to pay for hosting - godaddy has some very cheap options that are good for getting started. You don't actually get anything with the domain but the domain itself, so you need to pay a host to store everything for the site.
I have sites with godaddy and lunarpages, and they both have control panels where you can install software such as wordpress on your site and have it set up for you. They also have some "site builder" packages that they charge extra for, but I have no experience with those.
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