changing wordpress URL and moving files

i created a wordpress site using the auto install with my webhost, dotster. it works fine at http://www.irakoplowitz.com/applications/wordpress but i’d much rather it read http://www.irakoplowitz.com/wp and have the wordpress contents in a folder titled wp at the base level of the site. what steps do i need to take within admin docs to make this happen?

thanks.

ira