Is it wise to add my name to the deed on parents home in Virginia to avoid outrageous inheritance taxes?

If it is not inheritance, it will be treated as gift. And your parents must pay gift tax.
In 2011 and 2012 and estate tax exclusion amount is 5 million and the estate tax rate is 35%. http://taxipay.blogspot.in/2008/02/tax-on-inheritances.html

The web site that Mukata referenced has a glaring error - the first sentence seems to have left the word "not" out, so it reads as if heirs must pay federal inheritance tax. It should read as follows:

Any money and property you receive as inheritance, you (the receiver) do not pay any federal tax except if you inherit a traditional IRA.