Generic Top Level Domains (gTLDs) are .com, .edu, .org and so forth. There have been proposals before ICANN for a few years now to allow new gTLDs to be just about anything people want, such as .godfread. There are of course trademark and other intellectual property concerns and its not entirely clear how ICANN will address resolving the disputes that might arise when two parties both claim rights in a new gTLD. Nevertheless, it seems as though sometime in the not to distant future, we may see a whole new universe of domain names.
ICANN New gTLD Information Page
HT to Martin Schwimmer at the Trademark Blog