Take a look at this article called "
How to snatch an expiring domain". It is a good read on how and why expiring domains don't work like you think they do. The total process can take up to 75 days to actually drop back into the public domain and that is if someone else has not decided to bid on the name - either hoping the previous owner or a new bidder will pay a lot for it - or to use it as an ad domain.
I pay a lot more attention to my domain name expiries now after reading this
edit: Just saw you said it was with godaddy - take a look at
these FAQs on the godaddy site regarding expiring domains that are registered with them.