Getting a domain name involves registering the name you want with an organisation called ICANN through a domain name registrar. For example, if you choose a name like "example.com", you will have to go to a registrar, pay a registration fee that costs around US$10 to US$35 for that name. That will give you the right to the name for a year, and you will have to renew it annually for (usually) the same amount per annum.
An important function of domain names is to provide easily recognizable and memorizable names to numerically addressed Internet resources. This abstraction allows any resource 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.

Many online shops have the number 24 in them, to signify 24 hours a day – you may also be able to integrate numbers into your domain in a meaningful way to make them unique. Be careful though, because many cultures attach a lot of significance to certain numbers. Make sure that your number doesn't represent bad luck or other negative things in the country you're operating in.

Is your domain name portable if you change service providers? I’m starting a non-profit and I want to hold the name, but eventually I will fire someone to do the website development and want them to be able to use the platform they think they can work most effectively in. If I were to register with GoDaddy for services and get a free domain name… do I lose it if I switch to another web-hosting provider?

I’ve tried to be charitable to Verisign in my reading of Site-Finder-gate. Even then it seems quite clear that they were deep within the grey areas of their contract with ICANN, and that they knowingly acted against the spirit of the Internet that they’d been entrusted to build. That said, I respect the hustle — Verisign were, and continue to be, a publicly traded company with a responsibility to deliver value to their shareholders, and this quasi-bait-and-switch was a pretty inspired way to do it.
Domain names disappear extremely fast. Many people claim that all the good domain names are gone. I doubt that — but it is probably true that most good domain names that are descriptive of products and services have been taken. If you want a domain name for your site, I suggest you act now, or face the anguish of having lost that name later. After all, US$10 (more or less) for a year's ownership of the name is rather cheap when you realise that you're securing a good name for your website.
If you do not have a web host, you can always allow the registrar to park your domain name at a temporary website specially set up for you. This way you can quickly secure your domain name before it's too late and still take your time to set up the other aspects of your site. As far as I can tell, most registrars (or probably all) automatically park your domain by default whether you ask them to or not, so if this is your situation, you probably don't have to do anything special to get it done. Some of those registrars also provide you with a free email address at your own domain name while it is parked at their site, like sales@example.com (where "example.com" is your domain).
Many desirable domain names are already assigned and users must search for other acceptable names, using Web-based search features, or WHOIS and dig operating system tools. Many registrars have implemented domain name suggestion tools which search domain name databases and suggest available alternative domain names related to keywords provided by the user.
Domains are nonmaterial goods. When sold, the only transaction taking place is transfer of domain rights from one user to another. Barring any form of copyright or trademark violation, virtually any domain name can be bought or sold. Generic domain names, such as car.com or computer.com, are not legally protected and can therefore theoretically be reserved by anyone.
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For special purposes, such as network testing, documentation, and other applications, IANA also reserves a set of special-use domain names.[15] This list contains domain names such as example, local, localhost, and test. Other top-level domain names containing trade marks are registered for corporate use. Cases include brands such as BMW, Google, and Canon.[16]

Domain names were created to make IP addresses easy to remember. Every computer has an IP address assigned to it – much like a street address. But instead of having to memorize each IP address number, we assign domain names to these numbers so we can easily remember them. The domain name system, or DNS, takes domain names and translates them into their IP addresses so that computers can communicate with one another. When you enter a domain name into your web browser, the browser simply uses that domain to locate its corresponding IP address and then shows you the website associated with it. If you own a business, GoDaddy can help you find a domain name that best suits the business so you can easily promote your website.
Before you sign up for Web hosting and start building a website, you need to buy the domain name where visitors will find your site. Hundreds of different registrars sell domains, so first and foremost, know that domain names work the same no matter which registrar you use. You don't need to buy your domain from the same company that will host your site. Aside from picking a registrar -- and, of course, your site's name -- you also need to pick a top-level domain like .com or .org.

I’ve tried to be charitable to Verisign in my reading of Site-Finder-gate. Even then it seems quite clear that they were deep within the grey areas of their contract with ICANN, and that they knowingly acted against the spirit of the Internet that they’d been entrusted to build. That said, I respect the hustle — Verisign were, and continue to be, a publicly traded company with a responsibility to deliver value to their shareholders, and this quasi-bait-and-switch was a pretty inspired way to do it.
Premium domains (also known as aftermarket or pre-registered domains) are short domains, often just one word or even just 3-5 letters. Most of them have a .com extension but many premium domains end with .org, .net, and .biz. These domains include common words and are generally the most memorable. Because companies value short domains that match their company name or products, these domains are typically the most desirable. Additionally, certain domains sold by different registries are considered premium and therefore have a higher price point. In some cases, the renewal costs of these higher-priced domains are also quite expensive. Some high-priced premium domains, though, renew at a regular (lower cost) rate, giving you a better value in the long term. Make sure to research the overall cost of the domain plus renewal to find the right domain for your budget. You can browse Namecheap's premium domains in our Marketplace.
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