Question 5 of The 7 Essential Meta Questions of Every Beta pretty much says it all:
What’s the “elevator pitch” for our site? Imagine you’ve just gotten on an elevator with a friendly stranger. You have precisely one floor to describe your community to them. What would you say? The elevator pitch is a brief sentence that describes what your site is about. Every word counts!
Once decided, it can be sliced and diced to form:
the tagline, the motto, the blurb under the logo, a convenience redirect “nickname” for the site, perhaps eventually the domain name in some form (Due to a variety of practical difficulties with domain names, we prefer to de-emphasize domain name selection. Most sites will retain their topic.stackexchange.com names indefinitely.)
Naming is hard — really hard. But if you can come up with a sensible elevator pitch for your community, it’s a great starting point.
Keep in mind that any random stranger you meet on an elevator may or may not be familiar with other woodworking websites and may even be an avid contributor on said sites, so you may need to differentiate WW.SE from those other sites.
I invited some well-known Internet woodworkers early on and of the couple who responded, the reaction was, "Isn't that just like reddit?"
You have 30 seconds. Ready...go!