Good Domain Name Competition

Around 3 years back, in my previous company, there was a competition for good domain name. All the employees were asked in a forum (of the company) to give good domain names which are available. If their domain name is selected, then, they would be given one good cell phone. Since, I am not very good at creative thinking, I did not bother about that competition.

But, after 3 years, I feel, conducting that type of competition is a very bad idea. Having registered more than 35 domains, I would love to know about that kind of competitions conducted in a forum. ;)