It appears that ICANN is allowing the [creation of top level domains](http://www.icann.org/en/topics/new-gtlds/strategy-faq.htm). Instead of 'registering' a domain, you would essentially be signing up to be a registrar (you'd be giving out registrations on your TLD).

1. How do they decide whether to accept/reject applications? (i.e. is notability a requirement precluding .michael for instance)
2. Can an existing business register a TLD, or is it only a more general organization (i.e. "the museum society" instead of the "NYC Natural History Museum")
3. How much does it cost?