The practice of naming a new species is called “taxonomy” and can be lot of fun.

Taxonomy is the science of classifying organisms. The system currently used by taxonomists
 is called the Linnaean taxonomic system, in honor of Swedish biologist Carolus Linnaeus (1707 — 1778).
The Linnaean system breaks down organisms into seven major divisions, called taxa (singular: taxon).
The classifications also tell something about the degree of relation between different organisms.
For example, two animals that belong to the same family and genus are more closely related than
two animals that simply belong to the same family.

The Natural  History Museum in London has invited the public in on the fun to help name five new species of worms,
discovered in the Antarctic Ocean. These worms actually live 2,000 metres below the surface of water and wriggle
 around in the carcasses of whales.