I just have a question about a domain name I just bought (milehighair.com) and I am running into something I haven't encountered before. When I try to go to that page it says "Unknown Host - This server does not serve the host you are looking for". Also, when I look up the domain name it says it's taken but doesn't say by whom.
I tried looked at the website through babel fish but got the same result.
Is this a problem or do you think it will be resolved shortly?
It appears your domain name is working fine right now. The reason why you got an "Unknown Host" error is because the name servers you were using had not been configured properly to serve your domain. Once your web host configured their name servers to serve your domain, this problem should not happen anymore.
As for looking up the domain itself, the Whois database is only updated once per day. So newly registered domains may not have their full contact information online right after they've been registered.