They should charge a small annual fee and let people reserve a custom word for a given IP. You could even have a small utility on your computer that automatically queries given names to "resolve" to IPs.
they should also charge a reasonably larger annual fee for reserving a short suffix and allow re-selling custom word prefixes..
And then if they don't like someone they should revoke their word. And they should make it so words with certain endings are delegated to other countries who can also revoke your word if they don't like you.
To facilitate client to client communications, they should add a who-does-it-serve (short WHO DIS) system to get contact information of already reserved names.
As long as there is a way to inappropriately link the security of my entire enterprise into it!