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Hi,
You can definitely do this.. you need to register the new domain name. I prefer to register domains with godaddy instead of my WebServer host (hostgator) so I can keep control of my domain name even if I "fire" my server host.
Then set up your new domain name to point to the correct DNS servers as directed by your webserver hosting company and work with them to to set up the new domain name as the primary one for your server. Then set up a simple "forward" of your old domain name to have users who use it get redirected to the new domain name. godaddy control panel makes it easy to set up a simply forward.
Hope this helps.
-Andy
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