how does one go about selecting a good web host to create a discussion forum

Hi all, I'd like to get some advice on the following:

1. How does one go about selecting a web host, for setting up a discussion forum? Is the process a fairly simple one?

2. If I go the free route, are there any hidden charges that I should be aware of?

3. Do the moderators need any additional pc equipment other than what they may already be using to access the internet?

4. If many discussion forums are free, how do companies like Network54 make a profit?

Many thanks.

Eliz.