I actually prefer the idea of using "Don't" instead of "Cancel." When combined with always using a verb instead of "Yes" or "OK", I think it makes for completely unambiguous dialog.
Not completely unambiguous, though. I've seen plenty of software with negations in their dialog messages ("Don't delete x?") Particularly egregious with driver installations. Everything considered, buttons with actual verbs seem the most foolproof.
"Would you like to format this disk?"
"Format" - "Don't"
"Would you like to cancel this transaction?"
"Cancel" - "Don't"