I guess that we just need a checklist with all criteria that something needs to fulfill.
Here is a basic idea. (I will create a more rigorous list of criteria later on)

source code must be licensed under one of the OSI-approved licenses (http://opensource.org/licenses/alphabetical)
Project must be in active development OR still be highly frequented and products / code still downloaded (We would't take down the python.py.src domain even if python development would stop, as the current code and binaries are still of immense value)
Reselling registered domains is not allowed (except for the price of one month rental to compensate for the money lost if domain is sold before end of month). Sample scenario:

Company Parker & Sons registers foobar.js.src. They workaround the ctirteria (e.g. fork from another project and change a few lines of code in 10 minute) to be allowed to register this domain, because they believe that foobbar.js.src is of extremely large value, so the main goal is selling it to a company. Then Mr. McUnix comes along and contacts Parker & Sons, asking them it they could free up the domain, as he is developing an important open-source project. Of course, Parker & Sons will not just free up the domain, but they send him a quote of 1000USD for the domain rights. No Mr. McUnix is thrilled (really). All that he needs to do is to send the evidence of Parker & Sons trying to sell him the domain. The people in charge of the .src domain then end his contract and Mr- McUnix can now register without paying a penny to Parker & Sons.
Of course, we would then need to include a clause that whoever responsible can end the contract anytime at their jurisdiction.
People applying need to first create a public repo, and be part of it. There is a one-week barrier after starting the repo for (github, etc.) users who don't have any previous projects. Otherwise I would say it takes 1-2 days.
Any project that is partially open-source (e.g. Qt professional and open-source), only the open-source portion may be on the .src domain. While it is okay to include a link on the .src-domain website, the target content must be hosted on a different domain.

I will come up with more later...

Make domains cheap and elaborate an anti-parking policy #3

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