Wish it was like that for .uk domains - would eliminate a lot of the competitions
You can always do it on a .com and set the target country to norway in google webmaster tools. If i were you I'd at the very least start a blog, even if you just write one post a week or something - in a years time you'll be glad you've got it!
From what I've seen scandinavian player values are significantly higher than the average for europe, and you're right - there doesn't seem to be a lot of competition. Probably because there aren't too many local affiliates and it's difficult for us to compete when we don't know the language. I would be jumping all over this market if I were you...
I have a question for you actually mate, one of my swedish friends says that (when he was in sweden) he would often search on google in english rather than swedish, particularly when the information he was after wasn't 'local' (eg: he would search in swedish for local bars, but in english for 'how to skin a cat' etc...). Is this common, or is he just weird?