I found a keyword that is beatable but there is currently a .net ranking #2 for the keyword. I site only has about 20 backlinks to the site and it's currently out ranking some sites that have 1000's of backlinks. The links are not that strong either..mostly blogs and directories so I'm thinking it's only ranking because it's an exact match domain and the others are not. Can a weebly site out rank the exact match domain .net site with enough strong backlinks?
of course it can. Aside from just the backlinks though, the age and internal link structure of the site are also important factors.
Of course it can and it WILL if you build enough backlinks. The only problem I see is that weebly is heavily moderated and they delete pages for any reason. You might end wasting a lot of time building links and optimizing your content and finally get your weebly page banned It has happened to me many times.