As far as the domain... I would guess it was registered with the initial idea of "freeing" a specific person or thing... a sort of "Save Ferris" if you will.
I think it would work better has FreeIT.com - Free Internet Technology. Scripts, hosting, tutorials, etc.... with that type of branding I think it could be pretty powerful.
As the vast majority of domain valuations go, it could have some good value if developed but the resale value is little unless someone has a project that fits the bill.