cool - draft your own license and release it
And if you want to call it as Open Source Software get it aproved by the Open Source Initiative and if you want to call it as Free Software get it accepted by Free Software Foundation.
not necessary - call it what you feel like calling it. Who made those two organisations the sole arbiters of what is what?
Very true, but i guess FSF is probably(correct me if i'm wrong) the only organisation which keeps a track of GPL violations and does something about it. Anyone is free to adopt any free software license they want, there's really no ``signing up" required with anyone. Only if one has chosen one of the FSF licenses and are violating it or violating GPL in general then FSF can take action against the entity concerned.
Regards,
- vihan