A good channel name is related to what kind of things are going to be happening in the room. For example a room for playing Trivia might be called "Trivia_Masters", a room for playing games might be "Games_Mania"... in addition you might want to get a list of channels that are already on the server using /list and see what other people have used. Servers won't allow the same name to be used more than once, and if chanserv is available I'd recommend registering the channel right away. Note registering a channel usually requires having a registered nick with nickserv.
