Playing Two Halves Against The Other?

[Sistermadly]

Today I had a phone interview for a job that I really want. I think I'm definitely in the running for the job -- the agency will make a decision late tomorrow and notify the selected candidate early next week. The upside is I'd be making $ immediately after graduation; the downside is I'd have to move 2 hours away, and MisterMadly would have to quit his job and try to find a new one.

I applied for a few other jobs in town, one of which I think I have a really good shot for, even though they haven't started putting together the shortlist. This other job would pay more $$, and MisterM. and I wouldn't have to move to a different town if it were offered to me. The problem is that they won't start interviewing candidates for a couple of weeks, at least.

What do you do if you've applied for two jobs at once and you think you have a good shot at both of them, but one position will be offered before the other one even starts interviewing? Is it bad form/professional suicide to accept a job but then turn it down if something better comes along?