I would like to purchase a few domain names containing famous people's names, but I was never clear if one could be sued for using another person's name (or company name i.e. iluvmynewipod.com) or not?!

It is fully leagal to register any domain name as long as it is not being used. Or it is a big company and is well known, where you may be devaluing the name. Like don't go using www.cokacola.org, you will be sued over that. But if it is a small local business name then it won't matter, they probly only exist in the area. If you get a domain name that they wanted then they should have gotten it first, you will be the rightful owner of it. Famous people are used all the time in fanpages. The iluvmynewipod.com will be fine there is nothing wrong about making a personal webpage about the ipod as long as you plan on talking about the existing product and not something that you made up.