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If a domain name expires it goes back into the public pool and becomes available again for registration by anyone who wants it. Go to domainduck.com for example. You can find lists of recently expired names there.
If a valuable name is about to expire you can attempt the register it the second it drops back into the public arena. The most popular tool for doing this is found at snapnames.com. Other sites that offer these services include dropwizard.com and namewinner.com. The real pros use scripts to try to nab names.
Don't say second, better say millisecond.
It would be misleading to say that trying to register such a domain once a second would be sufficient to catch it.
It was reportedly stolen by fraudulent and forged transfer papers, not by being dropped for non-renewal. Very different I think.
However, even if Ebay did fail to renew and you picked it up, they would have it back very quickly since it's trademarked, and your legal expenses would be much larger than your potential income from blackmailing them to get it back more quickly than a legal case normally takes.
Besides, you won't even have that opportunity until after their renewal date of 05-Aug-2010.