How to set up multiple wordpress blogs under one domain?

I recently bought jaznotjelly.com through wordpress. I intended on making it a website where a friend and I could post on two seperate pages and have the home page bring it all together.

For instance: I would post under jamznotjelly.com/keylime and he would post under /stragmag. jamznotjelly.com would show both of our postings.

Is this possible? I am brand new to wordpress and I don’t really have an extraordinary amount of experience. Right now they are setup as pages which doesn’t really help me because I want my posting history to stay up.