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A "domain name" that has been dropped by it’s prior register. Then caught by someone who finds it on an expired list or an expired domain name auction.

There are many Expired name lists and Expired domain name auctions on the web at this time that deal with DropCatch on a daily basis.
"That was one Great DropCatch."
"How can a simple user compete with big biz in the DropCatch Industry"
DropCatch by Jim Daily October 30, 2006
Related Words

dripsnatch 

To shit in a partner's mouth and have them ingest the feces.
"Lay down. I'm gonna stand over you and dripsnatch. Eat it."
dripsnatch by Matryx February 10, 2003