question on web registration- backordering name?

[stingygrrl]

there's a domain name I want that is coming up for renewal in Nov. If the registrant doesn't renew, I want to get in there and get it the instant it becomes available . Can anyone tell me the best way to do that? Should I pay a registrar, like godaddy to backorder it, or is there a way I can do that myself?
does it become available at 12:01:01 am on the expiry date, or is there some lag, etc?

Thanks- any tips would be apprciated. This is my first experience with this.