This is not without precedent. http://en.wikipedia.org/wiki/Southwest_airlines#.22Just_Plan... Southwest Airlines was sued by Stevens Aviation over their use of the phrase "Just Plane Smart" in their advertisements. Herb Kelleher, CEO of Southwest, offered to settle the dispute by arm-wrestling the CEO of Stevens. He lost the match, but got rights to the phrase anyways, and both companies got a lot of good publicity…
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Microsoft, Google, Facebook, Amazon, Twitter, Zynga, Twitter, and Dropbox compete in a Starcraft II tournament. If you're curious, it has reached the semi-finals stage, and Microsoft is the only one who has not lost any matches.