Is creating a website like myspace or another type relatively easy? What does one need to know & be aware of?

[Okean]

Creating a site on your own is not a really easy task if you want to do something really unique and/or at least rather good.
You'll need to know the following things:
1) html
2) CSS
3) something about hosting
4) much about designing things in Photoshop or GIMP or other graphic editor.
I can help you in creating a site starting from $250 to $500.
Hosting and design, cmsmadesimple installation and tutorials and teaching you to work there are included in its cost.
If you need just hosting - visit http://okeansplace.com/hosting.html and you'll find couple of promo codes for dreamhost.com hosting.

Anyway, you can do the site on your own using cmsmadesimple (cmsmadesimple.org).
You can find much help there on creating this or that thing using that CMS.
You can also take a look at my site (http://okeansplace.com) periodically, I'll be placing there video on how to work with CMSMadesimple.
One more Very useful link for you: http://www.w3schools.com/
You'll find answers on Many questions there.