Microsoft is doling out a lot of free stuff today. If you have a Live ID, or have the patience of 5 minutes to fill up a small form to create a new one, you can get free domain name as well as free webhosting from then for one complete year. Cool, huh? All you need to do is click here.
A word of caution: Unless you are creating a new website just for kicks, you might want to check out the terms and conditions properly because I’m not sure whether you can transfer the domain name to some other provider after the one year is over.