Yes. The web page(s) you're reading now are free, and are provided by GeoCities in conjunction with Yahoo. All you need to do is open a Yahoo account (free), then go to GeoCities to get a free matching web page.
The tools provided are pretty comprehensive, for simple users like me. If you need an actual website, or are planning on doing e-commerce, then you'll probably want something better. Trying to run a web-based business using the free tools would be about like trying to run a shipping company using the family car. It might be possible, but it'd be a heck of a lot of work!
For personal or non-e-commercial use though, they're pretty good. Equally importantly, they can provide you with a real idea of what's involved in creating web pages. If you have the time and inclination, you may want to give it a try with something simple like an online photo albumn. The excercise will be highly informative, and probably entertaining.
There are links below for both Yahoo and GeoCities. Enjoy!