Add more options in Site Creation URL

When you choose to create a new site in a SharePoint Portal Server environment, the "Web Site Address" on the site creation page only has "sites" as an option. The fact that it is a drop down list implies that you can add other items to it. To either change "sites" or to add other values go to "Central Administration" > "Configure virtual server settings from the Virtual Server List page" > Click on your Virtual Server > "Define managed paths".

To add a new item, enter the desired value (say teams) in the "Add a New Path" section, select "Included Path" and click "OK". Now when you choose to create a new site, both "sites" and "teams" will appear in the list.

To remove an existing item, click the check box next to the name and "Remove Selected Paths".

Note that the options appear in the order in which they were created and are not sorted alphabetically. Also, "sites" - or the first item - is always selected by default.