1. You would have to purchase a hosting where you would put your files over there.
2. Once you account is set up then you would have to redirect you domain's nameservers to that hosting server if you are not using the same provider.

There are lot of hosting providers. You can choose your required package from them.
Like Godaddy, Greengeeks, Hostgator, Bluehost, Justhost, Inmotion etc.

Hey, first WordPress is free to use, all you need is a domain name and hosting, try the list provided by riztechpro.

Alternatively, from your number 1, you can map your domain to wordpress.com at a fee and they will host for you..... If that is what you mean.

Choosing best web host is not very difficult .before choose web host for your web site or blog you have to know some important factors . here is all important factors...How to Choose The Best Web Host for Your Blog - TechGyaan

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Use services from a2hosting.com and hostingsource.com. Their services are wordpress-friendly and prices are competitive. They have active support.

Thanks guys. I appreciate. I have setup a blog with blogspot custom domain and free hosting. please visit my site and leave your feedback. Naira Brainer.