Web aliases are additional domain names that are hosted on a current account and point to the root directory of the account. Essentially it points another domain name to the IP address of the original domain name of the account.
Subdomains, or subwebs, are additional domain names
that are hosted on a current account and point to a separate directory of the
account. Essentially it assigns an IP address to a directory of the main account
and then points that domain name to the IP address. So, this basically creates
another webpage out of a directory of an existing page. People browsing the site
will not know that it is a subweb. It is important to keep in mind that both
subdomains and web aliases may incur Domain Registration fees if using a
separate domain name.