How would one go about creating a website using the ".lol" domain? Is it even possible? And if not, why not?
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:
It requires ~$185,000 in application fees. Sort of the definition of a high barrier to entry.