Please remember that you can use only existing tokens and a new token shouldn't exist yet
The alphabet includes a-z letters and "-"
Use search on opensea.co to check that two parent tokens exist and new token doesn't exist yet
2
Choose any of possible combinations
To create a CAT word you can either use C + AT ("at" should exist) or CA + T ("ca" should exist) token
3
Create a new ERC721 token
Each mint costs 0.002 ETH from which 0.001 ETH goes to each owner of the tokens that were added together (if you own the tokens, then fee comes back to you)
You decide which token owners will receive the fee or you can concatenate your own tokens