NOTE: This applies only to specific hosting companies, due to the
specific setup needed and does have its drawbacks.

While setting up hosting space with a specific company I often deal
with, I noticed that they used a shared IP. (IP shared by two or more
websites/domains.) Well, the rates for unlimited bandwidth were
around $50+ per month, which I found unreasonable. I didnt require
much space, and didnt want to be limited to a mere 3 gig of traffic
per month.

Back on track... When setting up the acct, the hosting company needs
to know the domain name so that they can direct it accordingly.
(example: 'http://www.123.4.567.890/~user1/ ,
'http://www.123.4.567.890/~user2/ etc)

At this point you can give a url that doesnt belong to you at all. As
long as the nameservers dont change, that should have absolutly no
negative effects on you or your site whatsoever.

How it works is this:
The host propogates you a certain amount space on its servers, and
monitors the traffic that enters their space through the domain its
registered under. Being that the domain isn't connected to the site
at all, it registers ZERO traffic.

Zero traffic registered = can't possibly go over bandwidth
restrictions
can't possibly go over bandwidth restrictions = free unlimited
bandwidth

Now the problems with this (besides the ethical ones) is that your
host may offer X amount of mail addys with the acct
(you@y...) and these will not work, as the name isnt on their
DNS. However, some domain companies allow you to set it up
regardless. Another problem seems to be strictly cosmetic, but can be
highly problematic... Once you attach the domain you want onto the
site, each page comes up/w the ip/UN the host propagated to your
acct. Its at this point where you have to have a phenominal 10-15
character alphanumerical or better (#, &, etc) pw, or your site will
be vulnerable to attack since the attacker already has your UN. This
only gives attackers a slight advantage as the amount of time it
would take to brute force a 10 character pw @ a rate of 1,000,000 per
second is 10 years. Add numbers and case sensitivity to that and it
becomes approx 26,980 years.

While I'm on it, I may as well add that if you use this method,
obviously you are going to be using the lowest cost hosting plan
available, which in turn will offer the least amount of space. Thats
why free hosts were invented.

Free hosts suck as a general rule. Who wants a site smothered in ads?
However, if you upload all your programs, graphics and other large
files (have a backup of course) to a reliable free host and target
them accordingly from your site you have just freed up a signifigant
amount of space. The only setback/w this is having to keep an index
card or file around/w your pws, as you should never use the same one
twice, and want to use complicated ones.