You do not have to buy your domain registration from GoDaddy to use the extra space.
Some domain registration resellers and registrars allow you to redirect your new domain to any folder in an existing domain, wherever it is hosted.
One service that I use that does this is http://www.directnic.com. They are not the cheapest around, but they are very, very flexible. Read what you can do for free with the domain names you buy through them.
However, by doing it this way, by pointing to a folder, you still will have only one control panel for your webhosting space.
Another solution is to find an inexpensive “reseller” account. With that you get a space for your domain and can also create a large number of other domains with their own control panels allowing you complete flexibility for each domain. Search on EBay for companies offering this. One I found on EBay that I now use costs $10 per month … http://www.freshhost.net. It allows unlimited domains and bandwidth and a lot of disk storage. (This is much better than the services that say they “let you host 4 domains” on your account because you are still stuck with one control panel.) You can also sell webhosting to others from this acccount.
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