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(CNN) -- A domain name is registered every five seconds, according to PC World Magazine. So what's everyone signing up for?

"A domain name is basically an address on the Internet so other people can find you," said Bill Husted, "Technobuddy" columnist for the Atlanta Journal-Constitution. "When they send you e-mail or when they look at your Web site, it's very much like a street address."

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Since 1999, when the Internet Corporation for Assigned Names and Numbers (ICANN) broke Network Solutions' monopoly on domain name registration, the entire registration process has changed. Now you can choose from almost 40 registrars in the United States, change registrars at will and take control of your personal domain name. With more registrars competing for your business, the result is easier registration, better service, and in some cases, lower prices.

"There's a bunch (of registrars). They're very much like real estate agents -- they're brokering these sites for you and performing a service," Husted said.

You can research registrars at ICANN's Web site, where you'll find a list of accredited registrars. ICANN is a non-profit corporation that assumes responsibility for domain name system management under U.S. government contract.

Other good places to start include All Dots, Register.com, and the original registrar, Network Solutions. For FAQs and background information about domain names, log on to AboutDomains. You'll find tips on how to choose the best domain name to suit your needs as well as a list of domain-related services and their providers.

Because a domain name serves as a customized e-mail and Web address, your domain name should be an identification you're happy with. For example, if your name is Bill and your company name is Technobuddy, you could register the domain name Technobuddy.net and your e-mail address could be Bill@technobuddy.net.

When choosing a domain name, consider that for .com, .org, and .net domain names, you can use up to 63 characters (not including the extension) using letters (a-z), numbers (0-9) or both. A hyphen can also be used, but domain names must start and end with numbers or letters.

It may also be helpful to check to see if the domain name has a trademark. Registration of a domain name does not prevent a company or individual with an exact or similar trademark from raising objections to the registration through legal or domain dispute methods. To conduct a trademark search before registering, NameProtect.com will perform an online trademark search for about $35.

Once you decide on a domain name, you need to find out whether it is still available. Go to any of the registrars' Web sites and try to register a name, such as technobuddy.com. If it has already been taken, and this one has, registrars like Network Solutions and Register.com will offer you alternatives with different extensions, such as technobuddy.org, technobuddy.net or even technobuddy.tv. You can also see alternative domain names related to the keywords you used in your domain name query.

If you have your heart set on a domain name that is no longer available, and nothing else will do, most registrars also show you who leased the domain name that you're interested in. You can also check out domain name auction sites such as GreatDomains.com or Unclaimed Domains, which specialize in domain name reselling and expired or "recycled" domain names.

After giving your personal and credit card information online, it can take one day to two weeks for the transaction to be completed. Fees vary by registrar, and some registrars offer discounted domain names if you buy in bulk.

Other registrars may offer special deals in exchange for advertising on your site. Overall, the average cost to lease a domain name is $35 a year and $70 for two years. If you fail to pay for the privileges involved in leasing a domain name, you may lose your rights to it and it may return to the public domain.

Although it's harder than it used to be to get the domain name you want, there's a good chance you can register it once ICANN completes negotiations on a new set of top-level domains and offers them to the public next spring. The new extensions include .name, .info, .biz, .museum, .coop, .pro and .aero.

It will get easier for people to get at least the first part of the name that they want, according to Husted.

"And perhaps .com and .net and .org will become status symbols. You'll be the old-timers, the homesteaders in cyberspace," Husted said.

CNNdotCOM Correspondent Mary Kathleen Flynn contributed to this report.

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The Atlanta Journal-Constitution
Internet Corporation for Assigned Names and Numbers

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