Good keywords are frequently searched for high demand but not being targeted by many other websites low competition. There are a number of tools out there that can help you find them.
Wordtracker
The best tool out there, Wordtracker is one of the most essential SEO tools. To use Wordtracker:
Enter a keyword phrase youre thinking about targeting
Wordtracker will suggest hundreds of related phrases - click on the ones you like
Once youve clicked on all the phrases you like, run them through the program
Wordtracker will compile a score for each phrase, based on the number of users searching for it and the number of websites targeting it
The higher the score, the better the keyword phrase!
Wordtracker also offers a free service which works in the same way but only uses results generated from MSN.
Overture
Also useful, Overtures search term suggestion tool http://inventory.overture.com/d/searchinventory/suggestion/, is free and much quicker to use than Wordtracker. It works in much the same way as Wordtracker but doesnt tell you how many websites are targeting each keyword phrase.
Guidebeam http://www.guidebeam.com is an interesting resource. Type in a phrase and it will suggest a large number of related searches. The numbers provided for each phrase are Guidebeams estimation of how relevant that phrase is.