How do we break a project down into smaller pieces?

So, our 1st project is building a website, lets list all the things we need for this project. (if you can think of more, post pls)

host(payed or free)
(free or payed) x10hosting
html/css
me and Chris can probably do most of this
layout
I need some ideas of where to put what

my homepage idea

graphics
Eli, Chris and me
content
i was thinking we also add a commenting option to most pages so we can get some feedback.
easy way out --> JS-KIT
ads/affiliates(matched to content)
Go HERE for some affiliate listings.