Hi,
Yes, every new project needs a VirtualHost, and this must be created before installing a CMS or web application.
> A first input requested is "Setup Site Name - Enter the name of your Joomla site."
The name you've entered for the VirtualHost is its ServerName, i.e. the name that will be used in the request to connect to the site, e.g. 'http://ServerName/'.
The name of your Joomla site, i.e. what will appear as the page title, for example "My own Joomla site".
> * Are these inputs related to the settings (names, usernames, passwords) of WampServer
No, these parameters are specific to Joomla.
There are database types other than MySQLi, but they require specific drivers to be installed.
You've done very well.
The only possible problem is that there is no password associated with root for connecting to the database.
You can add one via PhpMyAdmin and the User tab.
You can also add a new user with a different password.
But don't forget to include this new user and password in your Joomla configuration file.
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Documentation PHP -
Documentation MySQL -
Wampserver install files & addons