For any aspiring website entrepreneurs/squatters out there, Go Daddy's running a promotion through August 31st that gets you one .com domain for $1 for one year. Just enter SCHOOL99 at checkout, and fartzzz.com is yours for a buck! You can't buy in bulk, but it looks like you can go back and snap up individual domains as many times as you want—a tedious but cost-effective way to carve out your own little corner of the internet.
UPDATE: Based on reports in comments, it looks as though you can only register one domain per account. So you may have to go through and re-register each time, making it even more tedious and probably not worth it. So pick your domain carefully!