Ok I'll get serious. First of all what you are describing almost sounds like a scrape and scramble site. Members here disgust, I mean discuss, those all the time and I don't think you'll find anyone on here who will have any kind words to say about that.
But, because I don't know for sure that is what you are considering; here's my 2 cents worth. It's considered fair and legal according to who? Next, in what jurisdiction of this planet is the present site established in? Have you verified the laws of that land and not only the one you reside in. Have to checked for trademark infringement?
But even more than the above -- applying a name as you indicated is like being on the Price Is Right and bidding $701 on that diamond bit ice auger when the person before you just bid $700. It's not a very classy tactic.
If you fairly and legally use another entity's (EXAMPLE.com) content, according to their license, that's fine and expected.
If you create a site under a domain that appears to be intentionally confusing (EXAMPLEonline.com) or implicative of involvement or endorsement of that other entity (EXAMPLEnews.com), and then duplicate their content, you're likely to irritate them. In many jurisdictions, they have legal recourse. If EXAMPLE is trademarked, even more so.
There are special allowances for parody and criticism sites (EXAMPLEsucks.com), but those allowances are generally voided if there is no parody or critique of the content.
The most popular online encyclopedia site and the most popular online classifieds site deal with this sort of thing often. Their responses vary.
Thank you for all of your responses. I understand the concerns of using this website's content, but the content is in public-domain and the creator of it created this website as a way to share his work freely.
I think the safest way (and also to avoid pissing off the person sharing his excellent work) is to just create a new website name.