I've heard the basics about flipping website. My impression is that it is a case of buying an old domain name that once has traffic and incoming links, then brush up on the content, do some SEO, bit of Bum Marketing etc. then sell it on.
Is this fundmentally what it is?
How much work tends to be envolved?
Who buy them and where do they buy them from?
Any advice will be well received, even if it starts with a beginning that isn't very complimentary