You should use the all-in-one installer.

I'd strongly recommend you first try it on a local machine over which you have full control. This will give you enough initial experience of the installation process to prepare you for an environment under the control of others.

hostmonster does not seem like a service that will offer sufficient access for you to run the OpenERP installation program.

There are very inexpensive OpenVZ virtual private servers on which you could get started. They give you root access for under $20/month.

Eg, Tocici has this for $8/month. (Cool! You can even pay with Dwolla!)

BANDWIDTH:      1TB/mo
MEMORY:         1GB RAM
DISK DRIVE:     10GB SAN
IPv4 ADDRESSES: 1
CPU:            1 OpenVZ, dynamically virtualized
SUPPORT:        Unmanaged

Now, if you have big bucks, and really want to splurge, you can get this amazing deal from Prometeus for $12.90 per month (or $129 for a whole year!):

BANDWIDTH:      3TB/mo
MEMORY:         1GB RAM
DISK DRIVE:     35GB on RAID SAS2 disks
IPv4 ADDRESSES: 1
CPU:            2 KVM fully-virtualized
SUPPORT:        Unmanaged

My experience with Prometeus has been uniformly fabulous, I can recommend them with out the slightest hesitation. The only negative is that they sell out regularly and it can be several weeks before they have available stock again.