I never tried it on a parked domain, but I've had to do it a number of times on developed sites. For example, I had one site for a motivational speaker whose last name could logically be spelled either of two ways - he wanted to be found for his actual name, *and* he wanted to be found the other way (and his first name is Joe, so that didn't help any) I just sprinkled the alternative spelling in the text here and there, and on at least one page, I put it in the title tag in parentheses - BUT (and this is important) you should put a space between the parens and the name, to make sure it's seen as a word in its own. I don't know if Google is smart enough to strip off parentheses, but why risk it. And at any rate, he ended up coming up on the first page in Google for *both* the spellings of his last name.
So instead of this:
Here's the Website of Joe Example (Eggsample)
I would put it:
Here's the Website of Joe Example ( Eggsample )
Same goes for any dashes, brackets or slashes you might use in the title or meta description tag - set them off with spaces on each side.