How to do multi-user blog with aggregated front page?

Hi!

I have a community website (multi-user blog/forum, custom code) that I want to port to Drupal - I'm already convinced Drupal will work for me, but I have some questions before I start.

Can I do this:
1. give each user his/her own personal "blog" space (each user can enable/disable his comment moderation)

2. allow user to optionally use WYSIWYG editor for posts e.g. TinyMCE?

3. ALL users' posts and comments are "aggregated" on the front page of the website, SUBJECT TO approval by any moderator.
(I.e. the post immediately appears in the user's personal blog, but first needs to be approved by a moderator to be shown on the front page. Possibly I'd like to be able to override this for certain trusted users, so their entries always appear immediately on the front page).

4. I'm already hosting several sites on GoDaddy so I'd like to stay with them and I know some people are against them, but will I have any problems running Drupal on GoDaddy (shared linux account)?

And if above is possible (I'm sure it is), please give me some direction/hints how to accomplish this, i.e. can this be done out of the box, or do I need any special modules for this kind of multi-user blog with main aggregated blog?

Thanks in advance!!