Yes, you heard right! Microsoft is giving away free, hosted domains. This means you can finally set up a website for your special hobby or anything else that you wish. There is a catch though. Unfortunately, it is only free for the first year and then $15 per year after. This is still a good deal though. So why would you want such a thing? Because it’s your website and you can do whatever you wish to it. Other free services, such as Tripod, give you free website hosting, but you do not get your own domain name. Hit the jump for more details.

The nice thing about this offer is it is not limited to businesses only. You can use their service for a personal website. In addition to the domain, you also get site building tools, 100 e-mail addresses and an online workspace. If you run into trouble, Microsoft is also including free e-mail, phone and online support

As with other services like this, you need to provide your billing information. You will not be charged unless you decide to continue hosting your domain with them.

If you want to take Microsoft up on this offer, click here and start creating your web site today.

After you are signed up, post your website URL in the comments section so we can all check it out.