Creating a new site abot someone semi-famous -- slander/defamation?

[Shoe]

I'm planning to make a site that will be negative towards a semi-famous person. Something similar to a www.paypalsucks.com except it will be about a person and his/her career. My website will not be "thispersonsucks.com" but will a play on their name to indicate they suck (changing their last name slightly so that you still know who i'm talking about but in a negative way).

Does anyone know if this is perfectly ok or if I need to be careful about attracting lawsuits? As long as I only state opinions or link to other sources, would that be ok? Is there anything I need to be careful not to do? Or is it pretty much free speech I can say whatever I want (I would not lie about anything, but would certainly be extremely critical of this person and his/her credentials).

Also, do most of you register your websites under an LLC, or under you own name? If it is an LLC are pretty much free of all liablity?