What is Internet Domain Registration?
Your web site has a domain name such as lovetoknow.com and an IP address, which in LoveToKnow's case is 69.59.184.171. The name is easier for people to remember, but computers need the IP address to find the site. Internet domain registration adds your website to the Internet "phone book" and allows a web browser to find the site when the site name is typed in the address bar.
Domain registration can also give you a legal claim to that domain even if you choose not to host a website at that time. Domain name ownership is a complicated issue and registration is merely one factor that will be considered in a dispute resolution.
What is a Domain? In an url formatted like "aaa.bbb.ccc", the domain is "bbb.ccc". The "aaa" part differentiates parts of the domain, which are called subdomains. Most commonly it will be "www" to indicate that it is the subdomain that hosts a website. In "business.lovetoknow.com", the domain is "lovetoknow.com" and the subdomain is "business". Subdomains can be smaller divisions within a larger website, for example "business.lovetoknow.com" versus insurance.lovetoknow.com (http://insurance.lovetoknow.com/Main_Page). However a domain covers more than just the website and other subdomains might handle email, file transfer, or other Internet services. Internet domain registration applies only to the main domain not the subdomains, which are handled by the web host. Source: http://business.lovetoknow.com
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