VIACOM INTERNATIONAL INC seems to hold a very strong trademark on the name. You could try and set up a site selling something unrelated to music and music videos (whatever you do, do not call your site "Video Host One") and make sure there is no overlap of VH1's and your goods or services.
As far as selling it to members here, I think Vh1.com or .net would do better. since the .org may not offer the type-ins to justify such a "bandit" purchase and operation. The idea of course is to profit from it somehow until you get the C&D letter.
Hint.org is good. In fact I had an idea about it. A site where ppl send their friends or associates instead of openly telling them something, rather offering them an online hint. Eg. Email arrives...GO to Hint.org to find out about a message an anonymous friend left for you. The user goes, enters their unique code and reads :
"DOve soap on sale at Food Lion" $50-$57.50