ISPs can and do track what websites are visited from specific computers. They may not immediately see the dot.com address, but they do have access to the IP address to which a computer connects. According to PC World magazine, they can store the information from six months to two years.
ISPs can also see records detailing at what time computers connect to IP addresses. These IP address records have law enforcement purposes. ISPs can be subpoenaed to turn over records regarding illegal file sharing, activity regarding illegal transactions or involvement with child pornography. The government can also use these records to track and uncover the activities of potential terrorists.