(FORTUNE Magazine) – Even through stock market jolts, the merger-and-acquisition frenzy continues unabated. As CEOs struggle to keep pace with changing technology, it gets harder to predict what they'll do. Previously unthinkable--or verboten--combos suddenly rule. A year ago few would have guessed that AOL would buy Time Warner (parent of FORTUNE's publisher). Pacts like this have changed dealmakers' paradigms. Last month, when CNBC broke rumors of a mind-boggling General Motors-News Corp. combination, the story was taken so seriously that it moved the market.

Indeed, Wall Street's whims are driving merger mania. Companies have to live up to hyperbolic expectations by boosting stock prices and keeping earnings high, says Rick Escherich, head of M&A research at J.P. Morgan. For some, doing it on their own is nearly impossible. "What this stock market rewards is growth," says Steven Baronoff, co-head of global M&A at Merrill Lynch, "and where companies can't attain growth organically, they'll attain it through acquisition." (Our FORTUNE 500 list in this issue is also about growth: Companies like FleetBoston and Albertson's shot up the list because of shrewd dealmaking.)

As a result, backroom deals are being forged in record numbers. In 1999 there were 24,576 global deals worth $2.3 trillion--an 8% increase in volume and a 9% increase in dollar value.

Luckily for those on the prowl, there's no shortage of suitable mates. The number of deals will keep growing, even as U.S. activity levels off. Call it the "Invasion From Abroad." Once regulatory barriers fall, transatlantic and transpacific deals will dominate industries like banking and telecom.

As more of the globe is drawn into M&A madness, the permutations seem infinite. Dealmaking is a creative exercise; we didn't want to let bankers have all the fun. So what follows is a list of some combinations we think are good ideas. A couple of the mergers may well occur. (Deutsche Telekom and Global Crossing were talking earlier this year.) Many will never happen because of antitrust concerns or personality conflicts. (Citigroup CEO Sandy Weill wouldn't let former exec Jamie Dimon take over.) Nonetheless, the pacts show just how far the merger boom will force companies to go.

1. Nokia buys Palm. Nokia is an expert in wireless hardware, Palm in software. With people using their phones for e-mail and their handhelds for Web surfing, the line between the two is eroding. "The logic behind this deal is unassailable," says Paul Deninger, CEO of M&A firm Broadview. In October, Nokia struck a deal to license the Palm software and buy a tiny piece of the company. But so did archrival Motorola. Don't expect anything soon.

2. Citigroup buys Bank One. Sandy Weill's spurned protege, Jamie Dimon, has taken the top job at beleaguered Bank One. What if: Dimon gets the bank on stronger legs. Then he sells it to Citi. CEO Weill gets the successor he needs. Dimon gets the job he wanted and once seemed a cinch for. Shareholders get a credible new leader running a massive credit-card business, and an e-banking platform in Bank One's Wingspan.

3. Schering-Plough buys American Home Products. With nearly a third of its sales coming from allergy drug Claritin, whose patent is about to expire, Schering-Plough needs a partner with powerful R&D. AHP has one of the best new-drug development units but is hungry for marketing prowess. The best part? No moving costs. Their headquarters in Madison, N.J., are across the street from each other.

4. Ford buys BMW. Everyone wants BMW for its lofty profit per vehicle and high-quality cars. But Ford, which nabbed the luxury maker's Land Rover unit in March, has the edge. CEO Jac Nasser seems to have good relationships at family-owned BMW. With Aston Martin, Jaguar, and Volvo already prospering in Ford's luxury stable, BMW would fit snugly.

5. NBC buys Dow Jones. It's clear these two content powerhouses can work together--they've done it at CNBC, must-see TV for market junkies. If the companies merged, NBC would get further access to one of the best brand names in financial news, and Dow Jones would have more outlets for its content. Of course, NBC's parent, GE, has to back a deal.

6. Goldman Sachs buys Charles Schwab. Sure, there's a bit of a culture clash between online discount broker Schwab and tony investment bank Goldman. But this combination would be an awesome financial power. Think about it: Schwab's clients could get access to Goldman's research and hot IPOs; Goldman would have a ready-made Internet strategy. Bonus: Schwab's pending purchase of U.S. Trust would add nicely to Goldman's well-to-do client pool.

7. Colgate buys Gillette. Reuben Mark, the rare old-economy consumer goods CEO who's cutting it, could take over troubled Gillette, which has lost its edge. He would give Gillette discipline and credibility--after three years of its disappointing Wall Street. The global heavyweights fit together nicely: no product overlap except deodorants.

8. Deutsche Telekom buys Global Crossing. Qwest may have been the target for Deutsche Telekom, but Global Crossing makes much more sense. Global Crossing is building an undersea fiber-optic network that will link Asia, Western Europe, and the Americas. With this network, DT gets a U.S. play and finally becomes a true global leader.

9. Chase Manhattan buys Morgan Stanley Dean Witter. Chase wants more equity business, so it should look to Wall Street's biggest equity underwriter. The deal would be expensive, but Chase would get a huge retail-brokerage sales force, high-profile IPOs, and strong tech research (and, of course, star analyst Mary Meeker). An added boon: combined Chase-Discover credit card operations.

10. Yahoo buys Disney. With 120 million monthly visitors, Yahoo would give Disney much more traffic than its struggling portal Go. Disney could establish its cyber-Mickey Mouse club, sending movie previews, ABC News clips, and entertainment offers to consumers. The most intriguing question about this deal: With two powerful CEOs--Disney's Michael Eisner and Yahoo's Tim Koogle--who would end up as the Lion King?

CONTRIBUTORS Mark Borden, Julie Creswell, Jane M. Folpe, Mark Gimein, Erin Kelly, Daniel Roth, Patricia Sellers, Alex Taylor III, and Sue Zesiger

COMMENTS? first@fortunemail.com