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Basically what you typically do is register a domain. Then you go to a hostng provider, in this case Surpass Hosting and purchase hosting. When your account is setup (roughly 24 hours after purchasing) you're sent an e-mail with your login details and specificly your nameserver details. You take these to your registrar (GoDaddy) and tell your domain to point to them. Then usually 12-48 hours later the domain will point your hosted web space.
You certainly can access the site via IP address or server name while waiting for the domain to propagate. Instructions are provided in the welcome mail on how to do that. You can access it from any computer in any location.
Payments are generally done through PayPal or 2CheckOut which offer automatic payment subscriptions. Just be sure that she does the initial payment. Most plans offer both monthly and annual subscriptions... annual at a discounted price.
If you need any further clarification, please feel free to ask away.
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