First check this article out:
Buying Stock In Bankrupt Companies a Bad Idea
I'm not a broker, but I always invest by the motto: "put in only what you can afford to lose."
Now, IMHO, I think that buying 1000 shares of UAL might not be a bad idea. The airline is still operating at this point, so it's a good bet that they'll return to profitability soon.
Then again...they were in trouble before 9/11. So their decline appears to have been inevitable. Which to me says that they're a bad risk.
In the end it's all a guessing game. If you feel from you research etc. that they're going to come back and you can afford to lose $200. Then go for it.
One final thought, I don't see them coming back for a few years yet. So it may be a long'ish term investment.
Naunga
BTW. I have no idea how one would buy something OTC, if you happen to find out (or if anyone knows) let me know.