I went out and registered my children’s domain names to reserve their future website address for them, just in case they end up needing it. Each child got firstlast.com although the older one had to get her first name nickname because her full name was already taken.
Registering a child’s domain name probably makes a little bit of sense. It is reasonable to assume that dot com domain names will remain the standard for the foreseeable future. Yes, it is possible that there will be a wholesale change in the way domain names are registered and allocated someday in the future, but it won’t be soon, and it won’t be easy.
Too many people and too many companies have spent too much money building their little web empires under the current system for domain name registration or domain use to be changed swiftly or easily.
The interesting new frontier is in the realm of domain names that include the top level domain, or TLD, as part of the word. Del.icio.us was one of the first major sites to go this route, although they currently own and use delicious.com now, so maybe it wasn’t that big of a hit. Other more minor websites are using this practice however.
The URL shortener service that I use is tr.im which I have known as "tee-are-dot-eye-em" since I started using it, but if you pay enough attention, you’ll notice that if you ignore the period, it spells trim. If enough people and websites catch on, the tactic could grow enough to be used by a full-sized major corporation.
A full list of currently available TLDs can be found here. See if any of those would match up with the ending letters of a name or title that you might want, and then look into how to get such a domain name registered. Since most of those are for other countries, the rules and fees might vary a lot.