You should get a web host and domain first, yes.
I like URLJet and use them myself, but they are on the more expensive side. Up to you. You will see hosting preferences get very personal so we try to keep them on the forum I linked above.
Please don't get discouraged by "an hour" going by. This site (vbulletin.org) is run by volunteers and we aren't always online all day. I'm sure in a day or two more people will be chiming in with ideas as well.
URJet will install vBulletin for you, I believe- that's kind of like cheating

I mean I understand it gets you up and running quickly but I think there is something to be said for figuring it out yourself- since you're going to be using it best to learn it from the ground up.