OK, at $500 per month you might be able to make some savings by self-hosting.
In theory you could run virtual classroom software on the same server as Moodle, but I very much doubt that your $40 hosting will be good enough.
Looking at Big Blue Button - I guess Open Meetings will be similar - they say:
They say:
"As a minimum, we recommend you run BigBlueButton on a dedicated dual-core machine with at least 2 GB of memory and a 2.0+ Ghz processor. A quad-core machine with 4G of memory and a faster process is better. "
http://code.google.com/p/bigbluebutton/wiki/FAQ#What_are_the_minimum_hardware_requirements_for_the_BigBlueButton
Bandwidth can be quite complicated, but you'll need a lot more than you would for Moodle.
http://code.google.com/p/bigbluebutton/wiki/FAQ#What_are_the_bandwidth_requirements_for_running_a_BigBlueButton
If you want to know more you're probably best reading the Big Blue Button and Open Meetings sites, and asking on their mailing lists if there's anything you can't figure out.
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