Help installation w/godaddy

My blog is moving from tumblr to wordpress. We have purchased our domain, and wordpress economy hosting from go daddy. We have completed the “install” through godaddy but now we are lost. We have the following concerns, but don’t know in what order to address them.

We have purchased hosting+domain name and have installed them on godaddy.com
We have yet to do anything with wordpress other than that installation, what do we do now? We have found a custom template for purchase but don’t know how to get from point a (installation) to point b(a completed website)

Also, while creating this new website we would like to keep the current version on tumblr running for our subscribers to view. Is this possible?
Thank you for your help
-ThaWobbler