Free domain name, web site + email address with Office Live Basics beta

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I got given a card yesterday proclaiming an offer of free domain name, web site and email service, all hosted by Office Live Basics, which is in beta at www.officelive.co.uk:

Sounded too good to be true, but literally minutes later I was logging in to my own Windows Live Hotmail-based email account and was able to start designing my own little web site. 24 Hours later, once DNS had all settled down, it's public facing...

How cool is that?