I don't actually want to put a website up at the domain name. I just want to ensure someone doesn't try to take advantage of my company's name and try to compete with us. I figure registering the domain name (if it's possible) is much easier and cheaper than a lawsuit.
If worse comes to worse, I guess I could try calling one of my Canadian friends and ask them to register the domain name for me.
If you use an address belonging to a Canadian friend, you'll probably get away with it. Don't point the domain name to your real site or use it in any way, though - just wipe the nameservers completely. The worst that can probably happen is that the domain is taken back by the CIRA and put on sale again.
As I said - it's against the rules to do this: I can't tell you what to do, but if you buy the domain, at least you'll be aware of the situation.