[HELP] How do I host multiple websites?

Hi Folks,

Quick question:

I have 3 ideas for new websites (separate industries) and currently have godaddy.com web hosting, Optimize Press, Cheap Internet Marketing Tools, and Azthetiks.
Is there a way I can create one website with Optimize Press, one with CIMTools, and one with a custom theme? And do I need to upgrade my hosting from godaddy (currently I have the cheap-o, econo package)? They are running a sale on their deluxe hosting, where it says you can host multiple sites, where my cheap hosting hosts only one.
Thanks for the help, and if anyone runs multiple sites, squeeze pages, let me know how you do it... Special "Scooby" snacks for you!! ;)