I saw many websites offering to put your own code on their website... m really confused about it.. please tell me is it possible?
I think the proper term for it is called "revenue sharing." Someone correct me if Im wrong tho. DP forums has it enabled where you can apply your adsense publisher ID, and there is a chance of receiving a couple pennies every two years.
I certainly hope not... otherwise a lot of the active users on the Digital Point forums would be in hot water, as they do revenue sharing with their users. So in answer to your question: Yes, it is possible and acceptable. (to the best of my knowledge)
This is legit so there should be no worries. https://www.google.com/adsense/support/bin/answer.py?answer=9913&topic=8429
You can put your Adsense ID in sites like DP etc. According to google code.google.com/apis/adsense/revenuesharing.html Ad revenue sharing is ok.