A mate of mine swears the first horse he races will be named after his three favourite neddies, Let's Elope, Veandercross and Mahogany.
Thus: Let's Mahogacross
Personally, I prefer the Ingham style of naming the horse as some sort of derivative from its sire and dam. For example, their Cup runner today was called Freemason, whose sire was Grand Lodge.
Being the sad individual I am, I will always look at the breeding of unraced two year olds to see if they've been given a "good" name.
If I ever get any horse sired by Danehill, it's going to be called Yding Skovhoj, which of course is the highest mountain in Denmark. Thus, a Dane hill.