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Is there any way to create your own domain name instead of purchasing???

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    Not entirely. You can get a free one but more of a sub domain. Check out afraid.freedns.org and noip.com – ElefantPhace Jul 29 '14 at 19:29
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The Internet Corporation for Assigned Names and Numbers (ICANN) is the international governing body that has responsibility managing the Domain Name System (DNS). Basically they sell the rights for registering domain names to corporations (click here for a full list of domain registrars). You can become a registrar, but it's probably not something you want to do if you're only after registering a few domain names.

Some solutions that might work locally (on your home / office network):

  • You could set up a DNS server on your network.
  • You could also edit /etc/hosts but that will only work on the computers you do it on. If you are managing a large number of computers, consider using a DNS server instead.

Or you could check out services that provide free DNS services, such as no-ip.com, as mentioned in the comments.

Finally, there are illegal solutions which will land you in jail in short order, a very bad deal instead of paying $2 or so.

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  • Ooo that means I don't have rights to create my own domain name of my IP... and how Go Daddy and big rocks and other provid us domain name for our IP?? – Pravin Jul 29 '14 at 19:43
  • I've edited my answer to give some enlightenment on how the domain registration system works. – kraxor Jul 29 '14 at 19:57
  • No problem. (Added a new more things.) – kraxor Jul 29 '14 at 20:02

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