What's in a Name?
The domain name is very important to the website. It can help or hinder the sites ability to draw traffic. If you are buying a website you need to consider the domain name and maybe even research it a bit.
A good domain name is easy to remember and should be descriptive of the content or theme of the site. The best names are a single word, but almost all the good ones are taken. The general advice is to have no more than three words in the domain name. (See how well I take advice!)
There are three top level domains that are desireable. Many people think that having a longer dot com, dot net, or dot org domain name is better than having a shorter name within a lessor domain. I have had good success with some dot info domains, but the top level domains are more desirable, and probably easier to sell if the time should come.
A most easily promoted website name will contain the primary keyword for the site within the domain name. Do not miss the value that this can bring to you. I have several sites that see traffic without any pormotion or significant content just because they contain the specific long tail search terms for which people search.
If you are unclear as to what keywords are and their value to you I have some information on my Keywords Page.