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You can get sued, in theory, but most celebs just use ICANN or the courts to take the domain away.
There have been tons of cases and the celebs almost always win unless you have a damn good excuse, like you have the same name as them.
The Whitehouse.com people spent big $$$ to try to keep Madonna.com, but they lost that one, even though her name is taken from religion.
Eventually some organization like APIC will come along to help celebs protect their trademarks on the web. They'll start sending out letters in bulk, suing everyone like crazy, and people will have to give up on that.
Some of the big companies, with in house lawyers, already do this. You register a domain with their trademark in it, and 15 days later, you get a threatening ass letter. There are some companies who are totally on top of abuse, but most are still having trouble keeping up with the mayhem of the web.
With celebs, they also have to be careful not to piss of their fans.
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