clipped from: www.inquisitr.com 
The Internet’s regulating organization has just approved a proposal to create an unlimited number of customized top-level domains. That means URLs will no longer be restricted to .com, .net, or .us-style suffixes; instead, anyone can apply to have any letter combination become a reality.
Snagging a new name won’t be a simple procedure, however: ICANN will first require proof of a “business plan and technical capacity,” meaning you have to have thousands of dollars of server and router-type equipment to get through. A thorough review process will then make sure the suffix is not offensive and does not infringe on anyone’s intellectual property. The names are also expected to cost a minimum of $100,000 and as much as half a million, so the rush may not be as widespread as some have feared.