Hitterman/Kshitiz, squabbling isn't helping Cricketman with his question, move on.
Sohum is quite right about being able to get in at $20 a year for domain+hosting. I pay about that for my personal site, and though I used free hosting for all my personal web stuff prior to this, I just find it easier to deal with a paid host, and have some piece of mind.
If you feel confident in your idea for a site, take the plunge and pay a small amount. Having an easy to remember domain with a .com/org/net ending is worth the cost, and it helps with visitor retention. Most people find sites via Google, your task is keeping them coming back after they found what they wanted.
Don't start off with a forum, if you are making a blog turn the comments feature on. If you start getting a lot of frequent repliers then consider one, but an empty forum is never a way to get a popular site.
Generally, make sure you are interested and be sure you can keep to frequent updates. If you can't be bothered with a site, your visitors won't be either.