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It can be a pain, but you could do it. The proccess sounds easy, but may give you a headache. Your first step would be to get your new hosting account, and set it up to match your previous site. Then you're going to want to either transfer your domain name to a new registrar (varies based on who registered it for you) or point the DNS settings in your current registar to the IP for your new site. It will likely take about 48 hours for more of your users to start seeing the updated DNS listing and to start going to your new site. You'll probably want to keep the old site up for at least a week during this proccess.
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