This is a great article on the Basics of Multiple Domain Hosting
Multiple Domain Hosting - Your Options for Hosting Multiple Websites on One Hosting Account
By Albert Eshbach
If you have one hosting account and you want to host multiple domains and sites using your one account, there are several options from which you can choose. One easy option is that of free add-on domains. Some hosting providers offer one or more free add-on domains when you buy hosting with them. This means you can add another domain onto your hosting account and host it for no additional charge. You will find that many providers allow one free add-on then offer dramatic discounts on additional add-ons. This is one way to inexpensively host several domains on one hosting account.
Reseller hosting accounts are also a great way to have multiple websites on one account. A reseller account provides you with a control panel which you use to create your customer accounts. You are able to set them up with their very own Control Panel and handle all aspects of the process. And for every new account you create, you make money of course! This is why so many online entrepreneurs are in the web hosting reseller business. When you get a reseller account you often get many great features like unlimited email accounts and subdomains. Of course, your exact features will depend on who you get your reseller account with.
Then there are other options such as virtual private servers and dedicated servers. Let's take a look at these two options and how they work. A virtual private server offers multiple domain support and more control over your hosting options. As the name suggests, these servers are virtually located. When you get a VPS you get the ability to host your own e-commerce site, have many different domains, support an intranet and much more. Then there is a dedicated server, which is a single computer which is only used for serving the needs of the network. This is going to be more extensive and costly than a VPS but is a viable option if the other methods listed here cannot meet your needs. As you can see, there are multiple ways you can have more than one domain on a single hosting account!
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There are a lot of good Web Hosts available. There are over 56 million websites as of January 2007 and all of these sites are hosted by someone. One of the web hosts I am associated with is HostMonster. They offer unlimited domains on one account. If you want to host several sites, all you need to do is buy more domains and add them to your account.
Another way to host multiple websites on one webhost account is to use Subdomains. Check out this articles on Sub domains.