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Domain Names

I understand that some domain names are bought to resell for profit.
How would I go about buying these?

I'm soon to graduate july 2010 and I'm looking to build an online portfolio of my work. Unfortunately the domain name I want isn't available and tapping it into the address bar brings up nothing. I also see that it was created jul 2008 and is soon to expire jul 2010. Since nothing has been put in place for this domain in this time, I'm assuming it was bought for the above reason. Should I wait and see if the owner renews it?

Sorry, I don't understand a great deal about domain names,

thanks for your time,

edit: also, I'd be open for suggestions for domain name ideas. I tried my full name and that isn't available which is a shame. Doesn't look like I'll be getting my hands on it since it's a legit business by the looks of the website.
Most artists use their first and second name for their personal portfolio's but as you have guessed sometimes it isnt as easy as that. I would suggest adding something at the end like yournamearts.com etc, or you could try firstnamemedia.com or something along them lines.

Sometimes people will create a persona of themselfs and make themselfs into a stand alone agency something that when you hear your name you know "ah yeah he's the owner of coolname.com have you seen his work?"

-- Website names are generally bought by companies like godaddy, well practically any big hosting site does. Also everytime you write a domain name in the search bar it is logged and will be bought, they dont cost much.

in my opinion this is what i think happens: web hosting websites buy domains for less to nothing, and when you want to buy it they sell you it for 4x the amount it actually cost.