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When William ascends the throne, George Alexander Louis will be bestowed Prince of Wales, the title of the male heir to the throne. George automatically becomes Duke of Cornwall,Duke of Rothesay, Earl of Carrick, Baron Renfrew, Lord of the Isles, and Prince and Great Steward of Scotland when his father becomes King, but he has to be formally bestowed Prince of Wales and Earl of Chester by his father.
This link is about the titles of the male heir to the throne:
http://www.royal.gov.uk/ThecurrentRoyalFamily/ThePrinceofWales/Stylesandtitles.aspx
There dukedom of Cambridge is just one of many titles that the British monarch can bestow upon male family members and William is only one man who has borne this title. William is the fifth created Duke of Cambridge.
http://en.wikipedia.org/wiki/Dukes_of_Cambridge
Duke of Cambridge is a title (named after the city of Cambridge in England) which has been conferred upon members of the British royal family several times. It was first used as a designation for Charles Stuart (1660–1661), the eldest son of James, Duke of York (later James II), though he was never formally created Duke of Cambridge. The title was most recently bestowed upon Prince William on 29 April 2011.