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You may be an intellect, and may come up with a play on words, or your own spelling on a certain word but you must remember that people will need to understand it AND more importantly.... spell the domain!
The best rule is to look at the key words within your website and then base your domain on them. This will help any potential visitor realise exactly what they are getting before clicking on your domain. For example: You may have a specialist website on internet marketing so a good website may be learninternetmarketing.com. Focusing on these key words for your domain will help with your search engine optimisation and you will appear higher up the rankings.
Make sure your domain is unique. There are many websites attempting to cash in on popular websites such as microsofts.com (Microsoft) or Flicker.com (flickr), yes they may get some instant traffic but there are two major flaws. The first is that the traffic will not be targeted, people will be there by mistake and therefore will have no interest in your site, the second problem is that if you are prepared to take shortcuts and cheat your traffic then it will have negative connotations for your business integrity. Once people visit, they are guaranteed not to return.
The catchier the domain the easier it will be remembered, why do you think Google, Microsoft, eBay are so prominent? They are short, they are snappy and easily remembered. Now we can't always go for a one word domain but get your message across clear and concise so as to imprint your domain in the minds of others. joikndusytsz.com will not get you very far!!
Avoid symbols and punctuation wherever possible. www.learn-internet-marketing.com offers the chance for more mistakes to be made than without the punctuation. If you feel it necessary to do so, the best advice is to purchase the normal domain as well as the one with punctuation so you can cover both bases.
So here was a very brief and clear guide as to how to choose a domain. Remember these points and you are guaranteed to generate more traffic, and even more important, targeted traffic.