According to a flyertalk forum member (and another), the US expedia site displayed $.01 rates for several hotels in Edinburgh, Scotland. These were for hotels normally priced at Â£200+/night. Of course, he grabbed the chance and made a booking. Immediately afterwards, he received an e-mail confirmation. However, his credit card has yet to be charged.
Let's wait and see (hopefully, the guys over at flyertalk will let us know) if Expedia honors the reservations made during that short (15 minutes, someone mentioned) time when Expedia seemed to be giving away hotel rooms.