registered menus in Joomla 1.5
Registered Menu Items in Joomla 1.5

After you make your menu, or select the menu that you want to show as registered, just select the "Registered" access level. You can also choose where the menu will be displayed in the site on the menu assignment area. Select the "Select Menu Item(s) from the List" redio button and then you will be able to select the specific area of the site by highlighting them in blue. Use CTRL+ click or Shift+click to make multiple selections.
You can also make specific navigation elements in the menu assigned to registered users. This task is accomplished in the same way under the menu manager.
Public access is anyone who stumbles upon the site.
Registered access is user who registered to use the site.
Special access is typically a user who will be providing content.
If you are looking for a paid subscription service, one solutions is using a provider such as aMember to manage the access assignments. That will allow you to force users to pay in order to register. It will automate the user management/access.
You may want to check your server to see if it will support aMember before you purchase, there is an aMember script here that you can upload and visit to see if you can install it. aMember also has a demo available so you can test it out. Just be sure to get the Joomla plugin when you download it.