Horse Racing Facts

I'll admit right off the bat that I'm not a horse racing expert. I'm not even really interested in it. The only thing that really fascinates me is the names. How exactly do they come up with such wild names? This article says that The Jockey Club makes you submit several names, and each one has to be "unique". I guess all of the good names have already been taken. It also looks like they try to make combinations of the sire and mare. I guess this makes sense or every horse would be named Wins Races. I would go for some really random name like "apply for a credit card". Anyone else know how horses get their funny names?