Technically, yes you could do it. However, here are some things to keep in mind:
1. In most cases, you will see that the domain expired, went to redemption, got deleted and then nobody else has bought it...yet. In these cases, usually the power of the domain is lost to a great extent, although not 100%. It's tricky.
2. Consider #1, since all the value is not lost, you could do this, but then are you planning to do this for 1-2 domains or 100-200 domains ? Where do you draw the line. Because technically, the question then becomes of 301'ing that old/expired/reregistered domain to your website. If you do it 1-2 times, it might be okay, but then if this becomes your primary link building technique or a big (un-natural) percentage of your backlinks, it will be nothing but trouble. I hope this helps.