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What is the process of acquiring expired domain names?

When a domain expires, what happens next? Does it go into a pending deletion phase, and then is up for grabs?

I want a domain that expired June 16th of this year. Before contacting the former owner (who could capitalize on the fact that someone wants something he controls) I want to know how long until I could just register the domain directly.

Also, are there ways of getting on a waiting list, for when a domain becomes available?

Thanks in advance


Answer:
Here is a particularly good article I found a few months ago when I was researching this topic:
http://www.mikeindustries.com/blog/archive/2005/03/how-to-snatch-an-expiring-domain

As for getting on a 'waiting list', you can hire companies to try grabbing the domain as soon as it becomes available. To get the best chance, register with all of these companies:

pool.com
clubdrop.com
snapnames.com

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