By "title", I was loosely referring to the part of the URL after the ID number. In many cases this will be a filtered version of the page title from the title element (filtered to remove punctuation, add hyphens between words, and make all lower case), but there's also a place in the admin section to alter that text to be anything you want it to be.
Products that are "deleted" aren't actually deleted immediately. The pages are first marked as "out of stock" or "discontinued" with links to newer products prominently added. After some time, usually a few months, the status is changed so they are served with 404 status instead of 200. So, people can still revisit them, but searchengines are encouraged to drop them from their index. At some point the pages may be completely dropped from the database but often aren't.