Microsoft has an incredible offer on the table right now. Free domain names! Can it really be all that? Microsoft is offering free domains through its Office Live program for businesses. The free package consists of:

• Free domain name and web hosting
• Web site design tools
• 500MB of web storage
• 25 email accounts
• Web site reports
• Search engine advertising tool

So what about the domain name? Does Microsoft own it? I dug a little bit to find out that no, Microsoft indeed doesn't. Its you who is the registered owner. It is registered through Melbourne IT, who is owned by Microsoft, but the domain can be transferred after 60 days of signing up with Office Live, with no penalties.

After checking to see if your domain of choice is available, you do have to provide payment information for verification. Follow the steps, and you are hot on the path to some nice free web space, and domain name. Way to go Microsoft! Who doesn't like free domains?

There are additional offers in the mix as well. A Live Essentials offer for $19.95/month for 1GB of storage, and an Office Live Premium offer with 2GB of storage and 50 email accounts for $29.95/month.

[Tip from Deran Decker]