No, he doesn't intend to SELL cheats, it's just colloquial language. I think he is thinking of something along the lines of GameFAQs.com sans message board(or maybe with a message board?)...
Well if you want, go for it...but I think you won't get too many visitors because people would most likely visit the more established sites like GameFAQs or IGN Games(formerly gamesages.com)...
I don't think Godmode.com will sue due to the fact that the content will be totally different...even if they sue, I doubt their case would get any light, just like how a guy sued google because his domain name was similar to google's and he was around before them...some joke site or something, he did it mostly to stir attention to his site
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