I'm new to this whole snipe thing but the one item, I really wanted and MY HIGH BID WAS 3 TIMES HIGHER THAN THE BID THAT WON THE ITEM, I lost and now it's greyed out. Does this happen alot because if it does, it's not worth relying on this service.

It's kinda hard to say why you lost the snipe. Maybe if you gave the eBay number so I could look at it I could toss out some ideas. It would be helpful to know when you set your snipe to go in, too -- how many seconds before closing.