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I already have a working domain that I can open in my browser.  What DNS record do I need to be able to host a second domain using the same ip?  How will the two websites be distinguished using one ip?  Thanks for your help

This doesn't sound like a DNS question so much as a website hosting question.  If you want to host two sites on the same IP then the method I'm aware of in IIS is to use host headers.  For example, you will set up a site with a host header of "www.example.com", and another site with a host header of "www.otherdomain.com".  When a client tries to reach www.example.com, that name is sent in the request so that IIS knows which site to direct the request to.

As far as DNS, all you need are A records to resolve a name to an IP.

You have two domain and one IP, You have two choices
1-You can set IP forwarding to assign your second domain to point your server IP at your DNS register company website at your login account

2-You can set the nameserver on your DHS register company point  to your name server and set DNS record on your server for second domain

After either choice, your second domain name will be proprogated around the world
within 48 hours so that afterwards others can access your second domain

Duncan