You asked Bob about warrant plays, but I thought I'd chime in here on the one warrant play that I'm very high on.
The underlying is PED (Smartpros), darned near a VM in and of itself. Getting a quote on the warrants, which also trade on the Amex, is another story. On Yahoo it's PED-WT. On Ameritrade it's PED.WS for quotes, PED+ if you're entering an order.
Terms for the warrants:
Expiration in 4.5 yrs
Exercise price of 7.125
Call price of 9.5
Current price of UNDERLYING: 4.3
Current price of WARRANTS: .70
# outstanding ~925,000
# in the float: way less than 925k (hehe)
Not a whole lot of volatility on the common, so it's kind of hard to assign a good volatility # for use in Black Scholes models.
Solid DD combined with timeliness and conviction is a recipe for profits.