Re: IS THIS FOR REAL??????
I've seen this type of site before - not sure of the exact mechanics of it, but basicallly you have to pay to bid. Don't think it's cheap either. I think you can only increase the bid by one increment at a time too, so not like eBay where you enter a maximum bid - the next bid is already set. So it'll cost a fortune to bid on something multiple times that you most probably won't win!
It's not the type of site I would get involved in personally.
IIRC, there was some media interest in this type of site over here a while ago, debating whether or not it was gambling (therefore they'd need to be reglated as a gambling site).