Well, if it is a wordpress site, there's no real need to move the hosting from their servers I suppose. Files and other heavy content could still be hosted on other servers. As long as the domain name ties everything neatly together, it doesn't really matter what runs where.
EDIT: and the redirect could also be done by using an iframe, as LC suggested (if my short term memory isn't messing with me :-P)
EDIT: I also am a bit confused, I'll be playing with wordpress on wordpress.weresheep.net in the next few days.
EDIT the third: Came across
free wordpress hosting options in case you don't want to wait for me to have time to set it up
)
