Newbie for Openscholar

No, Acquia Drupal is not what you want to do. Acquia is a stack for installing and running drupal on a local machine (like your home computer). Its useful for testing out things. I've never used Godaddy hosting, but here are the basic steps that I'm sure are the same for Godaddy.

Download the Openscholar file provided on their site. Go to your hosting site. There should be a File Directory option. Navigate to the folder where your site is supposed to be located (public_html or www directory). Upload the Openscholar file into that directory. Extract the file. After extracting the files, move all of them out of the the Openscholar folder into the www folder.

Next, back in your hosting site options there should be a database wizard option. Make a new database and user (use the same name for both) and write down the name and password associated with them. Navigate to your godaddy domain (www.yoursite.com or whatever it is). The drupal installation should appear and you should choose Openscholar for your install profile.

Follow the directions of the drupal/openscholar installation and your site should be up and running in no time.