If I were to back order a domain and put a different but related content-wise thing on that web-site, would I be subject to legal action?
As far as I know, you could only be subject to legal action if you were using a trademark as your domain name. If the domain was shoes.com (for example) you would obviously put something about shoes on it. I don't see on what grounds legal action could be brought about, as you would simply say; 'I'm obviously going to make a website about shoes... its shoes.com' Don't let this be your sole source of information though... I'm not a lawyer
Answer: it depends. if it is generic, say you got widgets.com and put a page about widgets this is fine. However, if you got cocacola.com and tried to sell soda this would not be. If you have serious doubts about the legitimacy of it consult a lawyer. http://www.dnlist.com/Domain_Names/Legal_Resources/Lawyers/