URL mispells

Hi, can anybody give me some advice on this, my competitor is advertising their URL which also happens to be their company name, I have noticed in Google that many people are misspelling the name, can I register the misspelt URL and divert it to me site.

Are there any legal implications of doing this?

I have also some domain typos.
If they find out about your typo they can claim it by copyright rules or something
let me search that article for you:
hxxp://www.patentcopyrighttrademarkblog.com/typosquatting/

So what I do is redirect them to an other domain and then redirect that to their affiliate page.
Or you can just redirect them to your page if you have the same products or so.
I would just never tell your typos public.

You could optimize your for misspells.
There is definitely a marked for that.
Since marketers primary goal lies on normal keywords, i'd say there definitely a few gems to be found.

There is a generator for this in the download section.
http://www.blackhatworld.com/blackh.../257-mispelled-keyword-generator-program.html