I do not usually link to random research ppaers, but this one is worth a look: Kwyjibo: automatic domain name generation. Here is the abstract:
Automatically generating good domain names that are random yet pronounceable is a problem harder than it first appears. The problem is related to random word generation, and we survey and categorize existing techniques before presenting our own syllable-based algorithm that produces higher-quality results. Our results are also applicable elsewhere, in areas such as password generation, username generation, and even computer-generated poetry.
This is fun research.