What DickNervous suggests would work great, be cheap, may be all you need as you start up. The only downside would be that the name
www.mn-underground.com would just be a redirect -- someone would type that name in their browser, but once the site loads, the address bar would say
http://university.edu/dreyco from there on out.
Later on down the line as your site grows, you'll want to move to a web host where your site's true address can be
www.mn-underground.com. As a professional web developer, my two favorite web hosts are:
- HostMySite.com: For around $100 a year (with their current promotion), you get a domain name, 20GB of storage, support for PHP 5 (and Ruby, Perl, Python, etc.), a database back-end, SSL, and other standard goodies (like 500 email addresses). You could build a heckuva website with that if you have the time and skills. In my experience, nobody's tech support is better than theirs, either.
- Register4Less.com: For $15 a year, you get a domain name, 5MB of storage, and unlimited email aliases. There's no server-side scripting, so it's pretty much HTML, Flash, and Javascript only. I've used them a lot for things like friends' weddings and small nonprofits -- it's great for small, static, near-zero-budget websites.
Anyway, if you do go with a webhost, they generally take care of registering (or transferring) the domain name you want, and they provide all the the info you need to FTP your files over (same as you probably do with your university account). Most have some control panel built into your site that lets you administer your domain and site settings, too.