Business 2.0 has published an interesting report on the new domain name tycoons.

Several people made a fortune buying up domain names for cheap after the dotcom bust in 2000. Now these domain names are auction off and sold for big money.
Mr. Kevin Ham is one of them and makes an estimated $70 million in revenue per year.
He owns over 300,000 domain names and also does things like serving ads on miss-spelled domains. He owns for instance lots of domains from Cameroon, because they have cm as country code. (.com versus .cm,...)
The article lists other domain name traders that struck gold as well.
Read the full report on CNN Money.