yes godaddy is legit. i have half a dozen or so domains with them and have no problems.
as for the whole international registry thing, i am sure there is one. i have not look too hard for it before. if you register your domain with godaddy, you are paying them for your domain only. it does not come with any web hosting space to put your contents (website) on.
when you pay for the domain, you are paying a reseller (like godaddy) to register the domain (your web address) for you. domain registrations are non-refundable in that "they" (resellers) cannot undo the registration once a domain has been registered.
when you own the domain, you can change any information under the domain, like contact information, registrant information, where you want to host it, that kind of thing. and if you decide to sell the domain, you can change all the info and give control of the domain to someone else.
hosting your domain is different than registering. you usually pay for hosting monthly, but can be done annually or semi-annually. (domain registrations are a 1 time fee per year).
hosting companies provide the space (in megabytes) for you to put your contents on. if you have a big website, you'll need more space and if you have a small website, you'll need less space.
this website is very helpful for any kind of information regarding domain registers and web hosting.
http://www.webhostingtalk.com
take mothering.com, <--- that is the domain name. all these forums and contents are on space provided by a hosting company. the domain (web address) points to that space.
i hope i'm not confusing you much.
