It depends on the traffic, if you are using PPC depending on how good your adcopy and splitting tests, it is definitely possible to turn a profit and then scale it up and/or find other others, if you are buying traffic for say 1000 visitors a day, you have be wary of people advertising such services, as if no one signs up to any offer or buys anything on your page, the person selling you the traffic can always claim he/she sent the visitors and they were not interested in the offer (when in truth all they did was send you bot traffic)
no,,not al all it works...as most of traffic is fake...is its real then it may work. adsense detects fake traffic and suspends account!
If you buy traffic once you willl always have to buy traffic. Try generating natural traffic from seo first.
"Slow and steady wins the race" and its actually very well and true said. Spend your time and money on quality instead of quantity. I am sure you will have a long time effect.