My husband and I have a set routine for choosing names; we've been pregnant so many times now that we just keep an on-going list of baby names (especially boy names) saved. Whenever we hear a name that we really like, we add it to the list. When we're pregnant, and after we've found out the sex of the baby, we slowly start mentioning our favorites here and there. Once we get close to the birth, we make a very short list of all the ones we like best (which we don't share with anyone else). Once baby is born, we spend a day or two deciding which of the names best fits him/her. Then we announce it to family and friends. :)
Sometimes we're surprised how a name we really like doesn't end up seeming right for a baby once we've met and gotten to know him/her a little. It's funny!