j_g_cheyenne_us's response appears to be accurate. Grace hours are a period of time where you may delete a domain and receive a full account credit for that domain name. So, if you've accidentally mistyped your domain name, you may delete the domain within its grace hours and you will be issued a full account credit for the deletion of that domain. You may then use that account credit to register the correctly spelled version of that domain name.
Yes, as long as you have grace hours you can request deletion for the domain name. The process is pretty much automatic now. You will receive FULL account credit for the domain name.
Free domain name help at www.whataredomains.com
[This post has been edited by j_g_cheyenne_us on Feb 16, 2007 6:08am.]