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Could someone simplify this? Does this mean I can make my own .whatever?
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NO ofcourse not. Not only it wld be unaffordable, but more importantly the one who buys a top-level-domain wld also have to maintain the registry for it.
So if big-organisation buys .whatever , then u cld buy anything.whatever from them(if they want to sell)
BIg-orgainsation cld only be allowed to buy by ICANN .whatever if they r capable of maintaing servers for the registry an all
-Intelligent guess
Personally I am really excited abt this. This combined with IPv6 will be the REAL web 2.0