if i go to overture and find a phrase that gets searches, i.e "buy clothes online" gets 300 searches on yahoo per month. Would this be a good name to register buyclothesonline.com? Would it be easier to rank high for this phrase in the serps?
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yes it would, domain name is the first factor google takes into account when searching. of course all other factors are important too, and only a domain name will not give you good results, but it certainly won't hurt...
two more things to keep in mind with OVT results.
#1)- They're not current anymore. Just showing results for Jan so you can get skewed seasonal results
#2)- OVT will many times show phrase results in a different orders. In other words, the actual popular term might be "Buy Online Clothes" or "Buy Clothes Online" so be careful... OVT doesn't show plural as well