I try to think of something clever and catchy and relevant. But if nothing comes to mind within a minute or two I'll go with my "Retro" naming convention by adding a or suffix from this list to the relevant noun or verb:

• '-o-matic'
• '-o-rama'
• '-a-gogo'
• 'magic'

examples:

• WidgOMatic
• MagicWidget
• TweetORama
• TrackMagic
• InventoryAGogo

...you get the idea. Works for nouns and verbs! Endless fun. Sometimes I'll even do a logo. If none of those strike me, I'll use the generic 'Thingy', as in 'WidgetThingy' or 'DataFileCleanupThingy'.