I know plenty of horses that have been named recently that are named with real words, Isinglass - not sure where that came from!
Yes, you are right there, there are some good ones that come out, but having just named two horses and gone through nearly every clever name that we came up with only to be told the name was taken I can assure you that it is harder and harder. We really did have nearly 200 names refused. If you want more than one word it becomes easier, but matching dam and sire is a challenge these days.
You can get lucky and get a name between it being released and being used again, as Coolmore did with Yeats. Probably because they knew as they owned the last Yeats!
If you look on the Pedigree Query website you will find that many names you think are original have been used at sometime. We were surprised when ours was there having made it up from letters from dam and sire. The other horse we named is called Early Morning Rain and that was easy as 3 words. But has nothing whatsoever to do with either parent.
I can't remember the exact requirements but to reuse a name of a gelding is something like 10 years, depending upon how famous he was, a sire is about 25 years after he is dead and same for a broodmare. They told me that all the names of Classic winners from day dot are being protected so those can never be used again either. And they can be funny about a name that sounds like any other name.
It seems easy enough but so many clever, funny, noble type names are gone or protected. Or reserved because the larger studs reserve those that they think go with their broodmares.
For instance, just to prove that I am not barmy .....
From the names mentioned on here:
Pandemonium is not available, already a horse called that in training.
Free Land too is gone.
Supreme Peace - gone.
Grasshopper - loads of them!
Edinburgh Rock, was first used in 1915, then in 1973 and again in 1987 in South Africa, Weatherby's may allow you to have this one though.
I'm pretty sure you could get 'Ilovepeas' !