yep - i know someone who did it and he got away with it just fine , to reg a company can be pretty expensive though (not sure how is it in your country - but i know here it cost a small fortune)
contact your hosting provider ASAP! they make a backup of all the sites every few hours - so there is a very good chance they can restore your site , but you have to it quick before they make a new backup of the current hacked site!
one advice i can you give you is to make sure you provide all the traffic and site data that you can , there are so many spammers in flippa , so its hard to trust a sale without lots of proven stat,
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