I work for a company, lets call it xyz inc. Currently the domain name xyz.com (just an example), is taken by another company. The thing is, that company has no relation to my line of business. They just use the site to create those auto link sites, like cool.com. My question is, since my company name and line of business both relate to the domain name, is there any way I can take it legally take it over? It just seems like companies buy up every conceivable domain name out there so they can use it for endless linking and advertising.

Do I have any options?

Yes, you may buy it from them, Anything has a price, normally, so decide how much it is worth to you, and make them a offer.

There is no way to take their web site away from them except to buy it.

You could also look for xyz.net , xyz.biz , etc.