It looks like you purchased your bbandida.com domain through us just fine, and assuming you want it to show the blog currently at bbandida.wordpress.com, you now just need to map it so that it connects with your wordpress.com blog.

You will find instructions on how to do this at http://en.support.wordpress.com/domain-mapping/map-existing-domain/

If you no longer want your blog to be hosted here at WordPress.com, you can certainly find third-party hosting and use the domain that you registered here.
Information on that is at http://en.support.wordpress.com/domain-mapping/domain-management/

You might also find the explanation of the differences between WordPress.com and WordPress.org helpful: http://en.support.wordpress.com/com-vs-org/

Let us know if you have other questions.

I am particularly "green" when it comes to this stuff.
Basically.
Since purchasing a .com through wordpress do I still need a separate hosting site?
Does my .com need to be separate from my .wordpress.com to work properly?

I could really use a HUG!
-jessica
Blog url: http://bbandida.wordpress.com/