Purchase a Hosting Account & Install WP software
You need an apartment to place your content and other belongings. Web Hosts rent you that basic space for $10 - $20 per month. You pay more if you have a large family or want the privacy of a penthouse or dedicated server! For some useful tips read How To Choose A Good Host For Your Blog. Be sure to save the new account email the host sends you. Not only does it show your login info but gives you the Domain Name Servers. Later step will tie your domain name to that host's servers!
You must tell the web host the domain name that will be on the account. If your domain name has been tied to blogspot (see part one of this series), you will still give that name for your web account. Continue to link the name to blogspot until the magical switch happens. In your case, you can't access WP until the domain points to your new web host. However, you still install the WP software on the host site.
The best web hosts provide easy scripts. Read Ishan's tutorial for the 5 minute WP install. Use the Fantastico script --- you need to know what a cPanel is and it's not a wall panel! Be sure to use a unique name for the WP login (not the name 'admin'). Otherwise you have to remove it later, as Daniel points out in this secrutiy tips article.
