Domain name help

I was going to post this in the Technology section, but it wouldn't allow me to! So I will ask here instead.

I have decided on a business name, and the domain name that I want is held by one of those domain-name squatters. I know that you can buy the name from those guys but I'd rather not pay more than I have to. When I searched it on WHOIS, I see that it will be expiring in a week!! Who can explain to me in simple terms what is my best angle of approach to get this name for myself? I've never registered a domain that wasn't immediately available and am not sure what to do. If they don't renew it, can I snag it quickly or do they get a certain period of time to change their minds? Or is there some way I can put in some kind of predatory bid on it? I don't want to tip my hand to the squatters.

So excited at the idea of getting the dotcom for my chosen name! (Which I dare not say out loud yet LOL!)