GoDaddy has a “Domain Buy Service” where you pay them a fee and they’ll watch that domain and try to reserve it for you as soon as it becomes available.
If the current holder renews it before it expires, though, there isn’t anything I’m aware of that can get it from him—short of going to court.
Update: Looks like the Domain Buy Service means something different now than I remember—it’s a bit more active (and expensive) than what I described. Instead, you can “back order” a domain someone else has, and that’s the thing I was talking about.