I've never really been into the "abuse of ccTLDs", especially not weirdly unstable countries like Libya. Although I do have a 3-letter Albanian domain.
At the very least, I'd only do something if I owned xxxx.ly and xxxxly.com like this pair.
(I accumulate a lot of domains -- it was totally worth becoming an OpenSRS reseller so I could manage all that stuff from one place. By pre-funding the account, it's less painful to make impulse buys (I have a commandline tool in my shell to do it, and grab the .com/.net/.org, and hyphenated variants.)
If I had to choose between the two, reject.ly.
Curious to hear your idea :)
We were talking about it, it just seemed too negative in general to build a brand around that we could really believe in. But its funny...