backordering expired domains

I'm sure this topic/technique has been hashed over for years, but I'm new to the game, and I can't find any relevant info. Here's the deal: I tried to go to a website I used to know. But now I get a Cannot Find Server "Page Cannot be displayed" IE page. I check the status of the domain name, and it says "already taken", and when I look at the details, it says:

Record expires on 01-Jan-2004.
Record created on 02-Jan-1998.

I also have the option of backordering this domain name. Is this a good idea? Does "expires on 01-Jan-2004 mean that I should be able to get it?

I assume that there's a whole host of hounds out there just sniffing for and snatching up high PR expired domains. Is this a feasible SEO strategy? Should I backorder the domain in question? It's a PR6, which would be nice to own as my own personal little backlink depot.

I got a great domain this way... didn't get any PR with it but the domain is primo!

I am trying to snipe another one right now