You dont say what you want it for so lets assume you want to have a "web business on the cheap."
I have used freewebs. It's free, which is good, but this limits you to a few pics, some text paging blocks and a few simple add ons - plus ads selected by them, not you. No shopping carts, or RSS feeds or any of the now more common items on a pay-to-play website.
You will also rank lower on organic and Google search results with any of these free sites.
However, you can link to them if all you want is a domain name. Yahoo, too, can set you up for about $10-$20/month. You do all the work, but there are some decent features. A GoDaddy domain and a freewebs.com or yahoo hosted site, and you're up.
A new wrinkle on all this is the blog site. You wirte the copy in the form of your own ruminations and rambling. But, if you understand the use fo the advertorial as a marketing tool, then you can do much with these. There are many webeneurs that have stayed with the blog as their vehicle. Again, searches will rank your free site low, if at all, and they too are rather barren of features at the free level.
If you want just a simple site, to "express yourself" or maybe have a small doorway presence on the web, then freewebs.com, yahoo, or blog spots will work.
If you want to step up your game and have a real commercial grade site, you're gonna have to pony up the dough.