I could have summarized a great post by Mike Davidson about how to snap up a domain name that is expiring but rather than do that I thought he should get credit for it an thus, here is a like to his post entitled how to snatch an expiring domain.
It’s not just about waiting for the 75 days AFTER the domain expiration date and you’re not guaranteed to get the domain by simply placing an order in Godaddy.
You really should check this post and understand the process.