The domain name I wanted to buy at GoDaddy is already taken and being put up for auction and the auction is ending in 9 days. Right now the minimum price is like 150 dollars or so. If I wait until the auction is over, what happens? Will the domain name revert back into normal and will I be able to purchase it for the normal price, which is 2 dollars a year?
Likely if it is already taken and up for auction, there are a couple of possibilities. Obviously the owner hopes someone will buy it, so it will continue to be unavailable. If nobody buys it, one of two things could happen - either the owner will keep paying the annual charge, and try to sell it again from time to time, or they may decide that it's not worth the bother, and not pay. Once it lapses, it will eventually become available again, but then you have got to pounce immediately and beat all the others out there.
There are other options - the seller might agree to remove it from the auction and sell it to you privately, but this is unlikely, as if you tell the seller that you wanted, the perceived value increases.