I currently own a domain, purchased through dreamhost and I'm planning to have it deleted soon. I was wondering if it is possible, later in the future to be able to re-purchase it. thanks
If the domain is not registered by somebody else at that time, then you are still free to renew it.
great, thanks! how would i renew it? would it be just the same way as registering a domain?
Be aware that you run the risk of having someone buy the expired domain.
If you have had any traffic of significance or have any sort of Google ranking, marketers may buy your domain to promote their sites to inadvertant surfers.
I wouldn't suggest letting a domain expire if you have any idea that you might in the future want it again; it's possible somebody else will grab it before you.