Can I erase a domain and reuse it somewhere else?

Yes, but you need to go through a process to move it from one host to another. It’s a bunch of steps and it takes about a week. Not difficult, just time consuming.

Start out by going to your current domain owner and getting the transfer serial number – the new domain host will need that for sure.

Thank you!

Can I just use this opportunity to ask you to use a domain registrar that is not Godaddy? Thanks. (If you are confused, please google Godaddy and SOPA, elephant hunting, Bob Parsons, etc)

@tom_g: Onto that :) I was actually considering either Weebly or Squarespace (the latter is more expensive, but allows for more customization… but no online store!). I guess each option has its strengths and weaknesses. Thank you! (GoDaddy was never on the list!)