This service is essential to provide a location where an Internet user can browse to view your web site. Every web site out there is hosted on a computer that is directly connected to the Internet backbone.
Parking is the minimal version of hosting.
Typically your web site is a single page that shows your name and contact information such as an e-mail address. It is the cheapest form of hosting. The important thing is you own your domain and can move it anywhere. You can use any ISP or hosting company. If you plan on using an ISP other than PSNI you will need to know the ISP's contact information to fill in the Technical Contact information part of the domain registration process along with their nameserver information.