Yeah, .co.cc is a cheap domain, basically. Like .info, only even cheaper.
Depends what you want it for - it's OK for a personal site but no good for a site that you want traffic for. So if it's a business site or one that you can maybe get a couple of $$ with ads then I don't recommend it.
The reason is that Google thinks of .info and .co.cc as spammers and you have a lot of hard work to do before you can convince them otherwise. This is because spammers buy domains to churn 'n burn, and the cheaper they are the better. They buy hundreds at a time and set up spam sites on them. Then when they are discovered, they ditch them. As .info's were sold for 60c and are still cheap, they are a favourite for this. If .co.cc are cheap they will go the same way.
A real domain is only about $8 so I don't figure it's worth cutting corners. Always buy a .com unless you really don't care about traffic or anything.
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