Since you already have a domain registered and hosted elsewhere, it shouldn't be necessary to register another domain name. While looking into this for you, it looks like this would be an Addon domain for your account. You can create the Addon domain in cPanel and it will not affect your live site and domain until the domain is pointed to our Nameservers (this is a separate step from transferring the domain registration).
Once you have created the Addon domain in cPanel, you can then use Fantastico De Luxe to install WordPress on your Addon domain. To build and test your new WordPress site before pointing the domain, you can configure WordPress to work on your Addon domain's temporary URL. Your Addon domain's tempoary URL will be similar to:
(replace userna5 with your cPanel user name and addondomain.com with your Addon domain's folder name)
Please let us know if you have any additional questions or need further assistance.
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