Buying a domain name.

Hi guys, if i decide to buy a domain name, what do i get with it? Do i have to buy storage space seperate?
And what happens if i buy a domain name for a year and after that decide to cancell? How do i go about it?does buying a domain name guarantee me full control of what goes in my forum?
I.e i wana add a politics and religion forum in my site but am scared that my site might get deleted if i do, bcuz when you chat about religion and politics you bound to have some heated debates and arguements and this might lead to my site being deleted.

Nothing extra is needed. ALl you get is your custom domain name.

I.e i wana add a politics and religion forum in my site but am scared that my site might get deleted if i do, bcuz when you chat about religion and politics you bound to have some heated debates and arguements and this might lead to my site being deleted.

Debates do not lead to your forum being deleted unless there is porn and virus links being thrown everywhere like hell.

Thanks ROK your a star. Cheers.