Typosquatting, also called URL hijacking, is a form of cybersquatting which relies on mistakes such as typographical errors made by Internet users when inputting a website address into a web browser. Should a user accidentally enter an incorrect website address, they may be led to an alternative address owned by a cybersquatter.

Generally, the victim site of typosquatting will be a frequently visited website. The typosquatter's URL will usually be one of four kinds, all similar to the victim site address:

(In the following, the intended website is "example.com")

* A common misspelling of the intended site: exemple.com
* A misspelling based on typing errors: xample.com or exxample.com
* A differently phrased domain name: examples.com
* A different top-level domain: example.co.uk

Once in the typosquatter's site, the user may also be tricked into thinking that they are in fact in the real site; through the use of copied or similar logos, website layouts or content. Sometimes competitors of the victim site will do this.

Alternatively, the user will be forwarded to a site of a completely different nature to what they intended. This tactic was infamously used by John Zuccarini, who redirected domains targeting children to pornographic websites. Sometimes, the typosquatters will use the false addresses to distribute viruses, adware, spyware or other malware.

And you can make good money by having mispelled domains!
Theres another thread on this forum discussing this topic in more depth.

There was a well known female Canadian politician who had a very similar domain name to that of a soft porn site.

It pays to research typos...

May I ask though...

If you use typing spelling/wrong spelling of your site in your meta tags, will that help in SEO?

It can. You can check out keyword generators on the internet and they will often list popular typos as well as actual keywords.

Hmmm, that's good! Now I can use this idea for the daily updates of the site of my boss.

Thanks, reviewer!

So can you actually buy the typos, too? I'm just learning about this but that strategy didn't occur to me.

Any combination of words or letters can be used in a domain name, so long as it is not already taken; that is my understanding.