GoDaddy Domain On Backorder?

Says the domain I want is on backorder and would receive it the second it becomes available. What the hell does that mean? How long would you think I would wait to receive it? There’s currently some website on the domain that like, doesn’t work or do anything.

Also, second question. If I register the domain and point it to my IP where I have a server hosting IIS and SMTP server, can I send mail through my SMTP server to other SMTP servers (gmail/yahoo/hotmail/whatever) since the domain resolves to my IP? Or do I need to buy ‘e-mail hosting’ with the domain in order to get a MX record and use the e-mail hosting as a relay.

i believe it means that if the person who owns it doesn’t renew it, they’ll grab the website as soon as it becomes available.

Even if Godaddy does grab it, if more than one person has an order in for it, it will then go to an auction.

And if they do renew it, I’m stuck waiting for another year +