gTLDs were first approved last year, with applications opening up in mid-January. These can be customized to be anything an applicant wants, including .lol. So, if you are used to seeing a site called 123.com, you could see a site named 123.lol.
The full list of this round of applications is available here.
The applications will be reviewed and processed by ICANN, 500 at a time. Over half of them, or 1,000, could be live within a year. The first of the gTLDs will go live in Q1 of 2013.
As expected, many of the gTLD applications were done to protect trademarks. You'll see .abc, applied for by Disney, which owns the American Broadcasting Company. You'll see .aaa applied for by AAA. And you'll see .aarp applied for by AARP.
Apple applied for .apple. However, that is the only gTLD it applied for. Meanwhile, Google applied for more than 100 gTLDs including: .android, .dog, .blog and the aforementioned .lol. Microsoft has applied for a total of 11 domain names, including .Xbox, .Hotmail, and .Windows.
.app has been applied for by 13 applicants including Google and Amazon.com.
Each of these applications cost the applicant $185,000. Once they have the domain name, a company will have to pay $25,000 annually to keep it.