Jesus christ. To answer the question, it's the epitome of a trademark violation. Don't even think of using it.
Yes it is illegal, i used to own Ticket4Godaddy.info and after 2weeks i got a notice that i had to take it down from godaddy. So yes i wouldnt try it as you would end up losing your money.
I suppose if you found a child porn site it would make it legal. Morons should not be giving legal advise - and that includes you. If someone owned "GodAddy" and used it for GoDaddy coupons it would be trademark infringement of Godaddy's trademark. First to use and usage establishes trademark rights. Now go away.