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I am currently interested in a domain name. Its whois information are

Updated Date: 10-jan-2012

Creation Date: 1-dec-2010

Expiration Date: 1-dec-2011

How long I still need to wait to purchase this domain name freely as it is a unregistered domain name?

What's the 'updated date'?

What's the usual steps for an expired domain name?

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    Hmm, normally, the expiration date should be past the updated date. It looks like this domain’s registration ended Dec.01.2011 and was left lapsing for over a month and was renewed/purchased on Jan.10.2012. In that case, the expiration date should be updated at some point to Jan.10.201x depending on the lease length. Try using a different whois provider to see if they have a more up-to-date record.
    – Synetech
    Feb 23, 2012 at 23:10

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How long I still need to wait to purchase this domain name freely as it is a unregistered domain name?

Grace periods differ from registrar to registrar. Usually for expired domains I can see also free-date string.

What's the 'updated date'?

Date of last changes of data or date of your request: in, f.e "Last updated on 2012.02.24 03:06:00 MSK/MSD" date-time is request time.

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