Did you put quotation marks at the beginning and end of the phrase? If not, Google gave you numbers for each word alone. Do it this way for a proper assessment, IMHO.
Results just mean how frequently the word/words are used. Checking trends/OVT/Wordtracker give you a better idea of how much people actually search/use the term.
well actually google results are important, and with quotes of course. especially for phrases that don't have high search volumes it is very useful to see how widely used such phrases are in general... I always check google results for domains with keywords when I consider buying...
Set your browser preferences to 100 results per page, and then do your search, and click ahead to page 4 or 5 and see if you still see anything remotely relevant to what you want to do.
dont kick it around too much or it might be gone. once i get to this point i just reg it. Unless your buying junk names all the time its ok to take chances.