I did read a good chunk of the thread and get what you guys are saying, but I don't think choosing from a list of words is going to be sufficient. What if someone wants to use, say, their name for their ship? Or make up a word? Ban the use of numbers in names, that gets rid of half the idiotic names right there, then ban words like leet, noob, poop, haxor, whatever, etc...
(I think a ship named the USS Obama Care would be hilarious.)