A domain name is a combination of letters and characters, together with a domain extension, that can be used as the basis of your web address and email address. So redstation.com is a domain name; www.redstation.com is a web address and info@redstation.com is an email address.
Domain names can only include the letters a to z, the numbers 0 to 9 and a hyphen (-), nothing else. No spaces, underscores etc. Email addresses however, can use underscore and full stop before the @, e.g. example_email@redstation.com would be valid, as would example.email@redstation.com or example-email@redstation.com.
There are many domain name extensions, global ones like .com, .net, .org, .info and .biz; UK domains such as .co.uk, .org.uk and national domains for all nations on the planet, .fr, .de, .jp, .it, etc. There are some national domains that have taken on a global significance, for instance the national domain of Tuvalu in the South Pacific, .tv, is used globally by multimedia and television companies.
When you register a domain name you can then use it to point to a website or use it for email. To do this you need a web hosting account or dedicated server product.
A domain name is the name by which a person or organisation's presence is identified on the internet. For example the BBC uses bbc.co.uk. We use redstation.com. If you do not register your preferred domain name now someone else may register it and the name you want may be lost forever.
Probably nothing, unless you are prepared to try and buy the domain from the current registrant. However, a good domain name can be worth thousands of pounds - some have sold for millions. If you think that a registered domain is in breach of a trademark that you own then you may be able to take legal action against the registrant but this can also be costly.
Domain names are registered for a period of two years. Shortly before a domain is due to expire you will receive a reminder from us to renew the domain for a further two years. The cost of renewing the domain is the same as the initial registration fee.
If you no longer want a registered domain, you can just let it expire and it will then be deleted. If you want to transfer it to a new ISP this is free via your control panel.