Depends on what you want the site to do. The free ones all have ads and such on them. However, there are lots of hosts out there for $5/month that are a very decent deal for a simple site (no shopping cart, etc). They don't do the site maintenance, just a place to store your site.
Godaddy.com is who I use as my registrar. They seem to be the cheapest or very close.
For $5 per month, you're getting space on a desktop class machine, NOT a server with redundant power supplies, drives, ECC memory, etc. I've had my server for a good 6 months and haven't had any hardware issues.
wgkish on here runs his own business, he might be able to give you better info. I just run my own server and a few sites. I don't resell because it just ain't worth it.