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Something that not many people know is PAGE RANK UPDATES EVERYDAY on your site. Its just only rarely the value updates on the systems. and seo tools etc
This should probably be clarified a little bit so it doesn't create confusion for the newbies to PR.
What littleg2008 means is that the algorithms aren't giving weight based on the posted PR value of a site. The posted PR is just a number representing the Page Rank of your site on the day Google did the last PR update. PR updates are done about 3 or 4 times a year. When you look up the PR value of a site that's all that your seeing.
The actual PR value that the algorithms use are close to real time values based on the overall interlinking of pages on the internet as their crawlers find the links. This is a fairly constant ongoing calculation done by google to determine where to place all the pages in their indexes.
Note -
It's possible to use BH methods to cause short term manipulation of a pages PR, if this is done right around the time the PR values are updated then you could cause a site to show a high PR when in reality it isn't one. This is why littleg2008 mentions to be careful when buying websites with high PR. Before buying a site based on PR it's a good idea to really check out the sites backlinks to see if the PR of the site looks reasonably accurate. Even then it can be hard to tell for a lot of people. There are tools that can estimate the actual current PR of a page, but their accuracy is debatable.
(The same advice holds true if your purchasing based on projected earnings, really look closely at the sales history because it's possible for people that know what they're doing to fake the sales data.)
FYI - Most people know this, but here's a little trivia for the newbies to PR. The 'Page' in Page Rank has nothing to do with the word 'page'. It's in reference to Larry Page, the co-creator of the Page Rank algorithm. (and since Page is a person's name it should always be capitalized.)
edit - Also as M.A.D. says, using a 302 redirect won't accomplish what your wanting. You need to use a 301 redirect. IF you set it up correctly then yes the PR should transfer to the site the 301 is pointing too.