ICANN, Internet Corporation for Assigned Names and Numbers, is the body that manages, amongst other things, the assignment of top-level domain (TLD) names.
Yesterday in Singapore it announced the expansion of generic names space such as .com, .net, .org to include numerous new suffixes.
Details are not finalised yet but by 2012 TLDs will be made available in any language or script. Additional categories such as geography and industry may also be introduced.
Most of the present range of TLDS have been in existence for the last 26 years and this opening up of the naming suffixes will create a plethora of new site names.