Here is some information and tips to help you select the best domain name for you:

Keep it short.  The shorter, the better.  It抯 best to keep your domain name less than 15 characters if possible.  A shorter name is easier for people to remember and it also reduces the likelihood that your visitor will mistype it or spell it wrong.  For example, BuyIt.com has a lot less chance of being mistyped than isellthispleasebuyitfrommetoday.com.

Keep it sweet.  The more memorable the name, the easier it is for people to remember.  You can have the best site in the world, but if people can抰 remember your domain name it will cut down on your return visitors.  It抯 hard enough to get traffic on the web without 搇osing?visitors that want to come back but can抰 find you.

Keep it simple.  Make sure the domain name is easy for people to spell.  Don't spell words unusually.  Unless you have incredible branding, people will type in the common spelling of your domain and your competition will get visitors who were looking for you.  For example, BlueRight.com is much better than BluRite.com 

Choose a domain name that reflects your business.  Don抰 just choose a random name.  For example, if your sell horse supplies, you should choose a name that has the word 揾orse supplies? in it such as YourHorseSupplies.com.  Or, your domain name should refer to horses in some way, like whoa.com.  The former will help you in the search engines.  The latter will be memorable.  

When in doubt, choose a .com.  If you are debating between several different domain names, go with the .com.  It抯 what most people think of when they are typing in a domain name.  It抯 true the best names are gone, but you can still find a good .com if you look. Thousands of .coms expire and are released back in the market each month so there is always a steady supply of new domains coming into the market.

Special tip:  If you can afford it, you may also want to get your name followed by .com along with whatever domain name you decide to get.   I think the way the internet is going it is smart to do and you will be very glad you have it later on.