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Super-easy... Just set up your domain on godaddy, and buy some hosting if you haven't got your own server or anything - godaddy has a one-click solution for installing wordpress on your domain if I remember right :)

Not the cheapest solution out there, but not a big investment at all...

How much money are we talking about?

a couple of bucks a month probably... they're kind of pricey compared so more DIY solutions, but if you have little to no skills of setting up a webhotel, using FTP servers, transferring domains and/or setting up DNS routing etc., it's probably cheaper and easier, than learning all that, to save maybe $100 a year

100 a year doesn't sound too bad.