Maybe not, only with Adsense, but yes, I believe you can make a living out of a couple of well developed sites.
I think adsense is by far and away the best option for sites that do not have really big traffic. However, as sites become more popular you can diversify to other revenue streams.
Yes I am also thinking the same. If the site become popular, we get the advertaiments from some more products from some the producers and the owners itself.
$1200 From A Single Day!!! Amazing... Absolutely Amazing... My Highest From A Single Day Is Just Below $17
CPA = cost per action So you don't get paid for the click that takes the user to the new site, but when the user performs the correct action on that site (decided by the site owner) i.e. signs up to the forum, buys the product etc.etc.
I can't imagine living of the internet. Even if I could earn enough money from it, I would still feel uncertain because of the risk of an algorithm change in search engines, etcetera. I'd much rather use the internet as an additional source of income, to earn money for some nice things or hobbies. Perhaps even a vacation. But I'd rather have a low-paying, everyday job, than depend on the internet.