How would you proceed if you found this?

Go buy the domain(s) NOW (.com and any variants you are willing to spring for).

To validate traffic do this:

Setup an adwords campaign (yes, PPC).
Add this keyword to your campaign
Bid high enough to make sure your ad always shows up
Set campaign so ad shows "accelerated" (as often as possible).
Count impressions (not clicks).
Set keyword to EXACT match (important!)
Each impression = a search on that term.

While you are at it make sure you test a few variants of the KWP in case you find variants that perform better. You may be able to rank well for several variants.

You can promote many ways, but just get the domain, get ranked for it and then figure it out. Trial and error.

I have a key word phrase experiment from the 30 day challenge that should bring me about 100 visitors per day. I finally cracked page 1 of google SERPs and I'm up to 30 per day in spot 8. I can take the top spot soon. I know it. Have NO IDEA how I'll eventually succeed in monetizing it (so far adsense is horrible) but at least I'm learning. Domains are cheap.

Be careful of KW data.

A few weeks back I found a 3 word phrase getting 4000+ searches per day, low competition.

I set up a squidoo lens, got a bunch of links pointing to it and got to #1 in google easily, been #1 or #2 for this phrase for about 2 weeks and get no more than 10 visits a day, usually 5 or less.

yes just as Gary says beware, when you find keywords like this,

how many adwords are there on the right side this will give you a hint if you might have a chance

Ed

Thanks for your replies guys!

@sparrow - there's only 1 ad for this KWP along the top of the SERP (none on the side).

No messing around required if you just do what I told you to do. Here is what I did for my niche. I found a PILE of long tail keywords by typing them into google and having auto-suggest complete them for me. I put them all into adwords. Most of them are crap for volume (but very little competition). I found one that gets 34 searches per day. It's a 4-word phrase that I think I can dominate in organic search.

I'm not guessing at the 34 because I TESTED IT in Adwords by measuring impressions.

TEST IT. You can get an answer and stop wondering. DO it.

@Chris - yep, you're right. I just need to plug in what I found and do like you say. That will definitely take out all the guesswork.