I generally go for a real place where there's no railway station which is vaguely in the area of the region I'm modelling (or a preferred region if you model anything and everything) and call it that, e.g. Leaves Green is the present working title for a pair of unbuilt DC Kits Tadpole units. Lazy but effective. Once, though, I did get the strangest inspiration for a layout name: Marks and Spencer had an ad campaign with a song from the 1960s about doing drugs and hippie love and buying their new summer range &c. and, since it was never off the air, I became really rather taken with what I thought to be "Itchingcombe Park" in the song. Turned out it was called "Itchycoo Park" (too good to be true, eh?) but Itchingcombe, as my poor hearing had suggested, still sounded rather nice and also very Southern (and very generic Southern: it could be anywhere, from next to Addiscombe on the trams in Croydon to near Itchingfield Junction at Christ's Hospital to a sunny South Coast resort) and so down it went! Or you can combine random aspects of place names, -ton, -ham, -wich, -mere, bury, combe, North, South, East, Magna, Parva, Great, Little, Vale &c. with either a local name from the area (e.g. there are several "-wittons" in Northumberland so one project which never got anywhere was Southwitton") or a family name &c.