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1.) Is this spam?
2.) If so, how do we protect these urls without it being spam.
3.) Is there a recent SEO article you can point me to so I can convince the decision makers in my company that this is a bad idea?
This is fine as an approach. As long as you dont promote the other domains you will be cool. To be doubly safe you only have to register them you dont have to use them.
Articles, hmm dont know, but if you do a site search (top of page) or two I am sure you will find what you are after in more details than I have given here.
Cheers
If you're worried about it becoming a problem, buy the domain names but don't point them at anything.
[edited to add: above post written before ukgimp's post, but posted afterwards. At least we're thinking alike!]
[webmasterworld.com...]
[webmasterworld.com...]