A domain name is an identification label that defines a realm of administrative autonomy, authority, or control in the Internet, based on the Domain Name System (DNS).

Domain names are used in various networking contexts and application-specific naming and addressing purposes. They are organized in subordinate levels (subdomains) of the DNS root domain, which is nameless. The first-level set of domain names are the top-level domains (TLDs), including the generic top-level domains (gTLDs), such as the prominent domains com, net and org, and the country code top-level domains (ccTLDs). Below these top-level domains in the DNS hierarchy are the second-level and third-level domain names that are typically open for reservation by end-users that wish to connect local area networks to the Internet, run web sites, or create other publicly accessible Internet resources. The registration of these domain names is usually administered by domain name registrars who sell their services to the public.

Individual Internet host computers use domain names as host identifiers, or hostnames. Hostnames are the leaf labels in the domain name system usually without further subordinate domain name space. Hostnames appear as a component in Uniform Resource Locators (URLs) for Internet resources such as web sites (e.g., en.wikipedia.org).

Domain names are also used as simple identification labels to indicate ownership or control of a resource. Such examples are the realm identifiers used in the Session Initiation Protocol (SIP), the DomainKeys used to verify DNS domains in e-mail systems, and in many other Uniform Resource Identifiers (URIs).

An important purpose of domain names is to provide easily recognizable and memorizable names to numerically addressed Internet resources. This abstraction allows any resource (e.g., website) to be moved to a different physical location in the address topology of the network, globally or locally in an intranet. Such a move usually requires changing the IP address of a resource and the corresponding translation of this IP address to and from its domain name.

Domain names are often referred to simply as domains and domain name registrants are frequently referred to as domain owners, although domain name registration with a registrar does not confer any legal ownership of the domain name, only an exclusive right of use.

This article primarily discusses the group of domain names that are offered by domain name registrars for registration by the public. The Domain Name System article discusses the technical facilities and infrastructure of the domain name space and the hostname article deals with specific information about the use of domain names as identifiers of network hosts.

From Wikipedia under the GNU Free Documentation License
Fri Nov 13 13:01:39 2009

What stopped any single company from buying up all the good domain names in the Internets beginning?
Q. Example lets say you were a company that had the ability to create domain names to sell... what stopped any particular company from creating and hold for themselves all the good one word www names like ... cooking.com , autos.com, or anything else you can imagine.. for themselves?
Asked by rpyszk - Mon Nov 3 16:36:39 2008 - - 3 Answers - 0 Comments

A. Quite simply, nobody thought of it. Remember, back then, folks weren't nearly as net-savvy as they are now, and no-one thought that domain names would go for the sort of crazy money being asked for them now. The purpose for which the net was originally programmed (of exchanging information/data between scientists) never even envisaged the sort of net we have now. By the time folks started to realise what was happening, it was way too late for anyone to try this sort of stunt--they'd have needed the resources of Lichtenstein, the Bahamas and the gnomes of Zurich all rolled into one. Maybe this is a good thing--after all, can you imagine what would happen if someone like Bill Gates got control over domain names?? Hope This of Help Scots
Answered by Geo. I - Mon Nov 3 16:49:07 2008

How do I use multiple domain names with the same permanent IP address?
Q. I have an Internet account with a permanent IP and I serve out my web site which is connected to my domain name. I would like to get another domain name and serve out 2 web sites using thee 2 domain names on the same IP address? Is this possible?
Asked by stewclem - Fri Sep 22 09:24:16 2006 - - 2 Answers - 0 Comments

A. You need to use host headers. These can be set up in your web site hosting software (IIS, Apache,...)
Answered by Brian G - Fri Sep 22 09:28:44 2006

What is the best way do sell or market domain names I own ?
Q. I own several domain names and I know alot of people park their domain and try to collect ad revenue off of it. There are a couple of domains I own that I know are worth alot because of the rights to the books and a movie company buying the rights to the film series has taken place. Tunnels is a book series that is due out in January 2008 in the US and already released in the UK. It is being billed as the next Harry Potter, I own the domains tunnelsbook.com and tunnelsmovie.com. How can I market them to sell them to someone who wants to develop them to cash in?
Asked by Jason - Tue Aug 7 10:55:35 2007 - - 1 Answers - 1 Comments

A. Send a professionally written letter introducing yourself as a domain broker, or whatever you want to call yourself. Follow this up about a week later with a simple telephone call and try to schedule a meeting. Don't allude to your specific domain name until the actual face-to-face. You have to sell yourself and sell the name. 80 percent of successful sales are based on the fact that the buyer took a liking to the seller, not the actual product or service. Good luck. If your price is too high, they will shoot you down. Let them make a preliminary offer.
Answered by smart E - Tue Aug 7 11:02:37 2007

From Yahoo Answer Search: "domain names"
Sat Nov 7 09:07:05 2009

Non-Latin Domain Names Bring Costs, Opportunities - Inc.com
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SnapNames: Former exec. bid up domain prices - Washington Post
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SnapNames, the largest reseller of Web site names , Wednesday alleged that a former top executive secretly bid on tens of thousands of domain name auctions ...

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Is Your Company Brand Safe On Twitter? - Everything PR
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The lawsuit alleges that Simple Solutions, LLC, parked domains with DomainSponsor and represented that it owned the . domain names. . However, Oversee.net alleges that Simple Solutions didn't actually own the domains, and their ownership ...

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How would you like a . domain name. in your own native language or writing? Pretty fun right? But this can also be chaotic. Internationaliz​ed . Domain Names. (IDNs) have been a source of heated discussions among Internet evangelists at ICANN ...

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Wed Nov 11 14:15:10 2009