I saw some wierd domain hosted on google servers
such as...

divismagazine.com
aaronfloyd.com
boardingbandit.com
ex-pictures.com
cp6899.com
hedgewoodfarm.com
gulfcoast4u.com

And lots more!
What's google going to do with these domains?

These aren't Google's domains. They just happen to redirect to Google. Anyone can do that.

To check who owns a domain, go to a whois service like http://www.whois.net :

http://www.whois.net/whois_new.cgi?d=aaronfloyd.com&tld=com
vs
http://www.whois.net/whois_new.cgi?d=google.com&tld=com

I did a reverse IP lookup

oh... I thought they were really trying to conquer the world...

http://blogoscoped.com/archive/2007-06-06.html#n80 / http://blogoscoped.com/forum/98193.html

>> What's google going to do with these domains?

>> I did a reverse IP lookup

Ionut's right. A reverse IP lookup doesn't mean Google own the domains. Unfortunately, anyone can point a domain to a Google IP address.