(use
http://IPalert.com to find the domains - not just snap - use the pending delete domain watcher)
you backorder a snapnames or other domain that is in pending delete and then when the domain is officially dropped 1of 2 things will happen. either you will win for the stock price of $60 or if multiple people backordered it an auction starts which lasts 3 days. high bidder wins. that is all.
the thing about snap that is critical is that they have priority on a lot of domains (netsol drops for example) so they have the golden ticket.