Josh, I think an online portfolio is a great idea, especially considering so many things are done digitally these days. Its also a backup of all your work, one which you can keep adding to.
biancaKOENIG makes a good point about utilising a free open source cms called wordpress. Easy to install and a breeze to use, however I believe if you want the next step in creating a unique online portfolio you consider paying someone to build you one. This is not to say that you need to fork out loads of money. Freelances are always out there wanting work and will do a whole site for under $100US. I’d recommend checking out getafreelancer.com
As everyone else points out, its probably still best to have a hardcopy to take to an interview, however you can at least suggest they check out your full port folio at www………
Good luck