Registering a domain that may be valuable in the future

Let me try and explain what I mean. Say I've found a domain that MAY in the future be valuable (it could also turn out to be completely worthless due to a turn of events). What's the best strategy for monetizing this site? Build it up with content, try and rank it first page on google and then monetize it with adsense and affiliate links (not sure there's much money to be made from affiliation due to the nature of it sadly) or sell the domain / website on to someone if it turns out to have been a good purchase? I'd have to wait probably around a couple of years or more before I can know for sure the domain was a good purchase.

It's hard to explain what I mean without giving away exactly what I've found but I hope you understand and can give some advice.

Thanks.

You can just purchase it and leave it be. In the future, if it is indeed valuable just sell the domain.

You think that's better than spending time on building up content and ranking? Would the domain alone sell for a good price without a website full of content?

As with everything it depends on how much someone is willing to spend on it and why he is willing to do so.
So just think for yourself: Will someone be willing to spend more money if there is already content on the domain (basically buying the website + domain) or does the domain have intrinsic value, for example for a startup company that won't care about your content and rankings anyway and just wants the name for branding purposes?
In general websites sell for more if they are already monetized, but if it's really only the domain you are going to be selling and the usage isn't really limited to a particular niche, I would not put any effort into content creation + ranking.

Thanks for your reply, I'll have to think about what is best.

If you think it can be monetized and generate any money till you sell, do it.
If you have a host, build a website, rank and monetize. At least you will generate income instead of leaving it alone.