Ok since I am free at the moment nothing better to do so here's my reply according to the thread:
1 - Yes you can earn a lot from google adsense but there are two ways to earn it i-e using creativity/brain or go down & dirty aka shortcut.
Method A: Creativty + Brain
Make something unique which is really worth it, don't be greedy for earning money (which most of the people are) and make something cool like a blog which actually provide good information it can be of anything like technology, telecom whatever blah blah this is the most easy to do. If you got some programming skills then create some website which can attract traffic and should be unique for example few ideas which worked well for me in the past:
- Freebies Directory
- Webmaster/Web Design Related stuff
- Entertainment (without desi masala etc)
- News portal (target only one geographical market)
- Video streaming website, target unique audience only just don't try to make another youtube as it will not work.
This method require lots of time, learning curve, programming skills and ofcourse a true passion to learn and produce something on which you can be proud. Once you get the enough traffic you can use networks like google adsense etc. Join the good side and start bulidng your brain and creativity by reading stuff at:
http://www.sitepoint.com/
Method B: Down & Dirty (No.1 Choice of most pakistani wanna be webmasters/developers)
This method requires nothing other then two main things
a - Skill of lying, you should be good at it.
b - Greediness for earning money, moeny is everything you can do anything for it.
Now create a desi masala, porn, warez website/forum/blog etc (many of come out of the box) put some low quality ad networks ads like adbrite and those webcam popups etc and wait till people start to join/visiting your website. If you are concern about legal issues then switch to the next approach which can include pakistani/indian songs download, wallpapers, MSN hacks, funny SMS, web 2 SMS etc (there are 1000 of such websites out there..just google them)
Also you can joine some affiliate marketing forums and start to use those scripts which can generate random blogs and lots of them then put google adsense code on them and publish them on different search engine, all you need few SEO softwares and knowledge which you can gain from various forums like forums.digitalpoint.com etc.
Method C - Got money? Invest it then
Start buying small properties on the internet i-e websites which get sell on daily basis (check sitepoint.com) you can then put google and other ad network codes on such sites but this is a serious business require proper strategy, experience and good knowledge + lot of free time but this way you will be able to gain good trafiic + brand etc.
Edit: if you can understand the above bakwas then I am sorry, you haven't read that level yet which is required for earning money online