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ZydoSEO - 12:57 am on Dec 18, 2007 (gmt 0)
While it's long tail low volume traffic, it's frequently easy to rank for and often converts better than the 1-2 word phrases. These terms are often easy to build content for by adding a couple of qualifying terms onto existing pages that rank for your 2 word phrases. If you already have a page that ranks for "#*$!X YYYYYY' then by adding 'ZZZZZ' in the title tag and a few places in the content portion of the page, you might find it easy to rank for "#*$!X YYYYYY ZZZZZ" as well on the same page. Good luck.
Search Google for "Free Keyword Suggestion Tools" and you should get tons. After you've exhausted the list of 1 word and 2 word phrases, branch out into the 3-4 word phrases.