Yeah I wish I had started in 2001 when I first heard about it. But nope I just saved myself from bancruptcy by getting a full time job after teh dot com bust and my associated financial hit I took. So the last thing I wanted to do was trust money making ventures online.
Register hundreds of good domain names likes sex.com, business.com, porn.com, news.com, apple.com, music.com, mp3.com, ... and just wait a few years to sell them. The ROI would be insanely high.
Both. Developing them into content or service websites would increase the value but without any content some names would already be worth a lot.
I'm sure domain names like sex.com, loans.com, refinance.com and hundreds of others would sell for a lot of money, whether they have any content or not.