Here is an idea for a potential addon.

Basically giving customers a way of getting in line for an out of stock item. As it is setup now the add to cart buttons disappear on out of stock items. I would love to see a link where they can signup to get contacted when the inventory is back in stock.

Here is a good example of a store using this:
http://www.modcloth.com/store/ModCloth/Womens/Dresses/Printed/Red+Fade+Dress

are there some hooks available if i need to try to accomplish this soon?

Hi, thanks for the suggestion. We have plans for back-ordered items, we have just not had enough demand yet to create it. There currently is not a database structure in place to account for this but we are planing for it in the next build.