There are two types of licenses; Owned and Leased.
An owned license ($160) allows you to run vBulletin indefinitely and you receive one year of premium support, every year thereafter, at your option, will cost you $35 for premium support.
A leased license ($85) allows you to run vBulletin for a period of 1 year, after that, you will have to remove vBulletin from your server unless you renew the license.
As for creating a forum, you will have to purchase hosting, a license does NOT provide you with hosting, it merely provides you the ability to run the software.
Also, it would be better to post in the Pre-Sales at vBulletin.com, they can give you an official reply on your queries.
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