SJS, your feeling is typical of a young, inexperienced investor. I hear from lots of inexperienced investors that “Oh, this is cheap, I’ll buy it and either get rich or lose very little”. That’s not investing, it’s gambling. Buying a lottery ticket is the same thing but better – smaller loss, bigger prize amount.
There’s nothing wrong with doing this here and there. You’re actually doing someone a favor by buying their worthless shares (why do you think people are still selling instead of everyone holding). But there are better uses for your money. And don’t even think of buying in again as it drops to average down; that is a deadly downward spiral.
An experienced investor understands that you buy a winner, not a loser who was once a winner. You won’t “get rich quick” by doing so, but then again, neither will you by chasing AIG, Ford, GM, Citi, or others.