ICANN (the Internet Corporation for Assigned Names and Numbers) is the Internet’s main oversight agency (ha! and you thought it was unregulated!).
Yesterday, they decided to "open up" top-level domain names. A top-level domain is, well, ".com, .org, .biz", etc. Soon you will be able to have .sports, .perfurme, .coke, and .seventhsense.
I’m not sure this is a good idea. I think it’ll be confusing. Just more crap to remember.
UPDATE: The L.A. Times says the initial fee for getting a top-level domain will be $100,000. Uh, pass.