bk871: it is preordered already by one of my friends so I know the different between bad idea and good one. I never post a domain for appraisal before I register it...!!!
Preordering does not mean you have the domain for certain. I could goto GoDaddy or Dotster (for example), and pre-order this domain myself. The domain would go into auction between the two of us (or publicly, not sure) and we would bid for it. Highest bidder would win. The domain isn't officially registered yet. The moment the registration opens for the .co extension, Dotster is going to be submitting all their requests, just like every other registrar. It says so on their website.