You won't need more than one site if you only host 1 website. Having said that, you could easily find better and cheaper hosting than Dreamhost. They're not bad mind you, but Greenville hosting for example has been VERY reliable for my sites, and they only charge 9c/day...a lot cheaper than Dreamhost. Of course they also offer an easy 1-click installation of Wordpress, just like iPage (also good), Fatcow, and a few others.
Also, I tend to keep my domain provider the same for all my websites, it's easier to keep track that way. However, most good hosts offer you a free domain, so I tend to take advantage of their offers...throwing away free goodies is stupid ;)
I'd go with shared hosting. You can always move to VPS or dedicated server hosting once you get so many visitors that it slows down your website, but personally I started off with shared hosting. It's incredibly cheap, and if you take advantage of a coupon code, you can get hosting for as little as $0.09-0.15 per day.
This would include unlimited bandwidth, unlimited web space, unlimited databases (important), and unlimited emails as well as a great sitebuilder. Some like iPage also offer easy PEAR scripts, 1-click Wordpress installation, a free domain, and $450 in free goodies. I went with iPage, and already had to bug their support with questions. Both of them were file permission related, but they solved it within minutes. Their live-chat support is amazing and very quick, and the one time I had to call them, they picked up the phone within 2 minutes...very handy if you're new.
I also browsed the net for cheap hosting coupons, but found out a lot of them are expired or outdated. The most up-to-date coupons I found were on Twitter (don't laugh) as it's easier to update a Twitter stream than a website. If you go to Twitter, and search for WebHostingD, you'll have all the latest coupons...I went with his iPage offer, and don't regret it. They're very reliable so far, no noticeable downtime, anytime money-back guarantee (in case I want to cancel), great support, and they're the cheapest RELIABLE host I found. I've signed up for a second account and also used WebHostingD's Twitter stream to get the coupon, he/she seems to literally update the coupons daily :)
Also, the stream also has some cool video tutorials that should help you get started once you signed up.
Finally, don't sign up with Hostgator's "only 1c in the first month offer" as their 25%OFF coupon is more valuable if you do the math...the other guy has it in his Twitter stream somewhere.
Also: NEVER PAY MORE THAN $4.5 for shared hosting! iPage/Greenville are a lot better than hosts trying to rip you off with expensive prices above $4.5/mo. Greenville hosting for example only costs you 9c/day, which is a lot better than Bluehost for example.