That's the point of the Dell "Cloud Computing" anecdote. You can't do that.
"Trademark Squatting" isn't a business model. All you can do is get an ITU (Intent to Use) application filed. Then, you need to use the term in commerce. However, generic terms can never receive trademark protection, and descriptive terms can only receive protection once they have developed "secondary meaning". Example: American Airlines. That has secondary meaning, even though it is extremely descriptive.
The thing about this is that large companies and small companies alike are trying to circumvent this rule. Dell's "Cloud Computing" is just one example. A Finnish video game company succeeded in getting its notice of allowance for PWNAGE. (
Blog post here) This is a lot less rare than you think -- companies thinking that they can "trademark squat" and take advantage of the fact that some USPTO examiners might not be up-to-date on their lingo.
What too many people seem to forget is that trademarks are not "word patents." You don't get to "own" the term. You just get a right to use it exclusively in a particular channel of commerce.
