Meet Kevin Ham, the man who owns the Internet
Free domains, it looks like. Register a .cc domain, and get some coupons to register some .com domains. The catch seems to be is that the .cc people are the administrative contact for the first year, which I guess means they "own" it. Should be okay though, as long as you don't do anything naughty.
The delay in adding new top level domains drags on, and there seems to be no solution in sight. ICANN can't agree on whether or not to add new TLDs like .biz, .cars, or .corp., but they are discussing it at an upcoming meeting in March. I would hope they add enough domains to make domain squatting difficult, but I bet large corporations will just buy everything with their name it anyway, and fight over others' use of their name with a different TLD. What a mess.