I'm thinking of registering a misspelling of a popular site's domain name (example: Yahhoo.com, AOLL.com). Is that a good idea?
This is commonly known as "typosquatting" i.e. buying a domain name with the expectation of siphoning traffic off of the legitimate site by snaring people who can't spell well. There have been a number of court cases as a result of this kind of behavior - most were decided in favor of the site owner. Ultimately, it's your decision.
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