wheel - 2:28 am on Nov 8, 2010 (gmt 0)
If the defunct site has enough good backlinks, you could just buy the expired domain and create a few relevant pages.
Buy enough of these domains, interlink them wisely, throw some paid links on them (the old backlinks will help disguise the paid links), and you will have some powerful sites to link to your money sites.
Anything wrong with this method?
Nope, nothing wrong with it. I don't know if the sites will rank or not, but the idea is good. YOu may find it difficult to find decent sites that haven't been snapped up though.
It does happen though. I picked up a drop last year, I still can't believe I own it. It's one of those domains you don't get because they were all registered back in 98 - and somebody let it drop.