Hosting a domain

I am having trouble getting my buddypress site online. I am using the Product theme and purchased a domain name and used godaddy to by the following hosting plan "Hosting - WordPress - Economy - Monthly (recurring)" Then i went to the setting in the dashboard and changed all the localhost fields to which is the domain i bought. But now rather than see the template I just see the generic wordpress blog and i cant even even use my username and password to access the dashboard. Also when i type in localhost:8888 (which is what i did to access the dashboard before i tried to put the site online it doesn't work I really would appreciate help on how to get this thing online. Thanks