@ saurav: That site is still not up. I have just offerred my services for free. They are yet to respond. Will let you know when its up.
@ Jaxelams: Domain registration and webspace "registration" are two different things. You may have a domain name (say yourname.com) and if you are not using it, you may not take webspace for it.
Conversely, you may be using some free site like geocities.com and don't have a domain name (.com, .net, etc.) because you are using their domain name.
Total control means a username and password to manage all the parameters associated with the domain name and hosting. For example, a domain name has administrative contact who approves transfer from one registrar to another. So if you have some problem with one registrar, you should be able to approve a transfer.
There is one more important thing associated with a domain name i.e. DNS (Domain Name Server). This decides where your site is hosted. Each hosting provider will have his own set of DNS (typically ns1.hostingprovider.com and ns2.hostingprovider.com). If you control these, you can shift hosting from one provider to another at your own will!
As for hosting, you should be able to create email accounts, ftp accounts, install web-applications (like WordPress, phpBB, etc). Usually a feature rich control panel like cPanel. You can contact me if you want to see a demo of cPanel. Or if you go to *www.cpanel.net there is a demo option for cPanel