The answer is basically all the above. By the way, I suppose the wizard you mention is the DNN wizard to create portals right? Just wanted you to know that the wizard has been removed from newer versions of DNN, I would recommend you to create your new portals using the menu, which is the common way accross all versions. You need to login as Host, go to the Host menu, then Portals, and on that screen you should see a link with the pencil icon that reads "Add New Portal". When you click on it you get a form where you enter the info for the new portal including, you guess it, the portal alias. The user name you enter there will be the Administrator of the new portal.
Once the new portal is created, go to the IIS admin and enter the host header for the one DNN Web site, it should match the alias you entered for the site.
By the way, if you have a dedicated, registered domain for the new portal this is easy. If you do not, and still want to test the new portal you could use a subdomain of an already registered domain like, "newportal.olddomain.com". In that case you enter that as both the alias and the host header.
Bonus tip, you can create any domain you like for testing and then use it for the alias and the host header. The trick is to enter the new testing domain name in your Hosts file, located in C:\WINDOWS\system32\drivers\etc. The Hosts file is a text file with no extension. Just create a new line with the TCP/IP address of the server and the new domain name like:
127.0.0.1 fakedomain.com
Notice that you can do this trick even on your local machine using the address above, for a separate server use the real server address. After you put this entry in the Host file you can use fakedomain.com in your browser to connect to the site.
Carlos