Wired reports that the country of Colombia is about to open things up, allowing anybody who wants to buy a domain under the TLD (top level domain) .co.
You know what's great about this? Nothing at all. Count the seconds until phishers set up websites at hotmail.co and yahoo.co. What an opportunity to inappropriately monetize misdirected traffic! I'm sure the big webmailers will do their best to snap up every domain they can think of, to try to prevent stuff like this. But they won't get them all, and there will be other ones that (good) people won't think of but other (bad) people will.