From what i've read about re-registering a lapsed domain name is: Once the renewal fee for a domain isn't paid the name will be dropped from the DNS registration system but the name won't be available to other parties for a period of 30-90 days; during this period the status of the name will be changed to suspended, then revoked, after which the name is up for grabs.
Does anybody know if this 30-90 day is accurate or is there a more precise timescale? I read a previous post by Brett on gaining a lapsed domain but that was held by networksolutions themselves.