I bought all 6 (yes 6) of my kids a domain as a gift. I bought all of their names hyphenated, example: c-o-d-y, c-a-i-t-y, etc. All of them are in the process of setting up their own websites and are racing each other to see who gets online first.
I will manage the registration for a few years then when they turn 18 they can can choose to keep the names or let them drop. It has been a very nice way to educate them about domain names, registrations and the drop process and in return they are teaching me a bit about building a website.
:D