There are so many web space providers out there and stiff competition is driving down the price. There are free hosting sites but normally you will have a url that include a name or trademark of their site if you sign up with them. If you need to be professional, it is better to get a domain name. (ie. .com, .org). How do these free sites make money? Well, the will put a lot advertisement on your page!
Examples are Angelfire (www.angelfire.lycos.com) and crosswinds (www.crosswinds.net)