As of the this year, it is possible for you to take control of your own top-level domain, through a new ICANN process. You can read about the ICANN guidelines for becoming a sponsor of a top level domain here:
www.icann.org/en/topics/new-gtlds/draft-rfp-24oct08-en.pdf
It requires ~5,000 in application fees. Sort of the definition of a high barrier to entry.

This organization claims that they'll help you through the process. More info from Wired. This blog explains the technical aspects of the implementation.

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