It really depends on the popularity of the current event. If it is really big news then yes. The shorter the domain the better. If it is something too long it there is a high chance it will perform poorly.
I had one time NYMarathon.com or NYCMarathon.com and it was getting lots of hits when I parked it and actually made some from it. At the time I didn't think of developing the site since it does have potential and just let it go. Just avoid any trademarks when doing it but otherwise I believe it to be a good strategy.