DreamHost is running a New Year's promotion right now. 95% off a 2 year hosting agreement which works out to $10.47.
QuickOnlineTips posted a promotion code earlier today that gives you a steep 95% discount off the 24 month package from DreamHost. Use the promotional code 202 when prompted for a promo code during checkout. For $10.47 you get unlimited transfers, bandwidth, a free domain registration and all the perks that come with a full account like unlimited MySQL databases, email accounts, and domain hosting. DreamHost also has a plug and play web control panel for quickly adding in popular components like WordPress. Disclosure: after reading about the affiliate program it would appear that QuickOnlineTips benefits directly from people using their promotional code. I'm perfectly comfortable with that for web hosting that costs $0.44 a month. If you're wondering what kind of experiences other Lifehacker readers have had with DreamHost, read over the comments on Call for Help: Reliable and Affordable Web Hosting? If you're wondering how to take advantage of a cheap web host, check out the Top 10 Way to put Your Remote Server to Good Use.