DreamHost pays a $97 rewards payment for anyone referring a new customer to them, they also let customers create their own promo codes.
The discount the promo code provides comes out of the $97 rewards payment, the customer who creates the promo code decides how much of the $97 to keep themselves and how much to offer the new customer as a discount. Some decide to split the rewards payment 50/50, some decide on a different ratio and some decide to offer the whole $97 as a discount.
While a promo code can provide a full $97 discount on yearly and 2 yearly plans, the maximum discount allowed by DreamHost on monthly plans is less than $97 (usually $50 or $60 depending on the plan).
Your first payment would be $93.80 and you will not need to make another payment for 2 years. If you decide to remain at DreamHost after the 2 years, your plan renewal will be at the full plan cost (whatever that is in 2 years).
I hope thats made the promo code situation a bit clearer for you.
Pay just [color=#CC0000]$22.40[/color] for 1 year Dreamhost hosting, use promo-code [color=#CC0000]MOJO97[/color]
Save [color=#CC0000]$97[/color] on all 1 and 2 year plans!! (Max saving on monthly plans too!!)