Id say you would have a pretty big bill. Or, if the owner can only keep the domain for a year, why would they market, promote, and advertise the site when you'll be able to take it over?
No, it could work out, but Im not sure if its worth your time and effort. More than likely it wont work, unless you can find some "value-added".
Not to be mean, but do some research. However, the rssminisite is an example of one. Free submission in a paid directory could help as well.