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[edited by: Marcia at 7:55 pm (utc) on July 21, 2002]
[edit reason] snipped company name [/edit]
Now a days you can still purchase domains that have expired, however yahoo deletes them much faster than before and since yahoo is based a lot on pagerank, the sites tend to be at the bottom of searches. So unless you can build that exact page back up, redirecting the site won't usually get you much traffic.
There is a lot of competition for expired yahoo domains these days so a lot of what you end up with are usually useless to you, ie soap manufacturing plant in Singapore, or other abstract, specific sites. You can still find a gem in there sometimes, so it can be worth it, especially if you want and get a site in a category with very few competing sites. Just don't expect to get a lot of traffic from expired yahoo sites anymore.
I watched a site go down and immediately applied for a snapback on it. (The site I intended to build had kind of the same content, and the Yahoo description matched, I just made it better)
Took NetSol about 2-3 months to release the domain to me. I immediately put the site live, just so there would be no 404 or DNS errors and put an under construction on it as I hustled to build it.
In the meantime, Looksmart deleted it. (There must have been a link checking spider during the 2-3 month period).
After the site was up, I did see a mysterious yahoo type of spider come by about 2 weeks after I put the site up (most likely a link checker). This is the only site I have in Yahoo - I've got about 8 others but I've never seen this one - That's why I think it's a link checker. It's stayed in Yahoo ever since. So maybe I was lucky or just fast enough to beat the Yahoo link checker.