If you have a shared hosting plan through your hosting provider you will be able to register an entirely new domain for the new blog you'd like to build and use your existing hosting plan. This can be a super inexpensive way to go. It sounds like if you're no longer interested in updating your four year old site you should just focus on your new site. Although there can often be a way to turn an older domain that you've "retired" for a while into a profitable site, especially if your site has google page rank and has been indexed nicely.
So anyway I hope I haven't confused you!
Dan
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