You can but it is going to be very tricky to get it to turn a profit. If you have some money to spare, you can learn from trial and error.
It's just as with any other affiliate product, if you can find a high paying niche with low keyword bids it's possible to turn a profit. The only difference is the commission you earn from referring an ebay sale tends to be very small and the conversion rate is not that extraordinary either. So yes it's possible, but in order to turn a profit you're going to have to work on your quality score and your clickthrough rate to decrease the minimum bids for your keywords. Another option is to try and monetize from ebay registrations. At $25 a lead this can prove to be very profitable, so emphasize it on your bans website.
its defo possible to you adwords. you also generally get a great ranking for relevance bring down you click cost. also its nice that they dont have to buy there and then. they may come back a few days later and buy something completely random and nothing to do with your niche but you still get paid!