I registered for Microsoft Office Live beta, and started using the free basics edition.
Office Live Basics beta provides company domain name, a hosted web site with 30 MB of storage and five free e-mail accounts with 2 GB of storage each. I have created a draft web site for ananthapuri.net using the site builder provided by the Office Live. The domain is registered and hosted free of cost in Office Live.
Also created a new email @ ananthapuri.net domain which can be accessed from office Live or Live Mail.