The dispute was over the innocently-named Site Finder Service, launched by Verisign in 2003. With traffic to every .com domain going through Verisign, the Site Finder Service redirected anyone accessing an unregistered domain (via a typo, for example) to a Verisign website with sponsored links. The company argued that this was more useful to Internet users than seeing a generic error page. Whatever their reasoning, this made Verisign the de-facto owner of every unregistered domain (what else does it mean to own a domain?), and skyrocketed them from 2,500th into the top 10 most visited websites. The best part? Verisign launched this without running it past anyone.
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Many registrars reserve the right to revoke your domain name for specific reasons, typically if you use the domain for illegal purposes or purposes deemed unacceptable (such as spamming). Many contracts contain a clause letting the registrar delete your domain name for no apparent reason. The implication, of course, is that the domain name is the registrar's, not yours.
Domain name registration is a crucial decision for any entity planning to join the virtual arena. A domain name is an exclusive address of your website through which it is found by your target audience. The process of buying a domain name is called Domain Name Registration. As a domain registrar, BigRock has millions of domain name registrations to its credit.
Sedo is where I bought my domain - over Escrow - and is a global marketplace to buy, sell, and park domain names. They've over 18 million domain names for sale, but the big part is that they're a huge, well-respected company. This may not be important if you're spending $150 on a domain, but in a $15,000+ purchase - which happens in many cases - you will be potentially buying from a foreign entity, that you don't know, and many of them will suggest an escrow payment. This means you put the money in an account owned by a third party that will hold it and only pass it on once the domain has been transferred over into their name (which in this case is what Sedo does). This can be quite disconcerting - but Sedo is well-known and has done many, many deals - and the process is about as full of hand-holding as handing tens or hundreds of thousands of dollars for a domain name can be.
Even when you register and pay for your domain name, you won't necessarily be able to use the name for several hours or even a few days. The domain must propagate, meaning that the official domain name registry must be updated with your website's Domain Name System information. That's something that occurs on the backend without any need of input from you.
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 email@example.com (where "example.com" is your domain).