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I found this at godaddy.com:
The redemption period is a Registry level period of up to 30 days that occurs when a domain name is deleted after it expires without being renewed. Instead of just being deleted and returned to the pool of domain names available for registration, the registry holds the name in a REDEMPTION PERIOD. During this 30-day period, the original domain registrant may retrieve the domain name from deletion (usually for an additional fee) by contacting their Registrar.
This extra 30-day period extends the time available to renew expired domain names. However, all names that enter the redemption period are removed from the zone files (the list of domains currently in the global DNS); therefore, any Web site or email services associated with the domain name will stop working.
After the 30-day redemption period there is a 5-day pending delete phase. When a domain is in this phase no one can retrieve the domain and it cannot be registered. After the 5-day pending delete phase the Registry will release the domain name back into the public pool of available domain names.
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