I was thinking of creating a blog with videos of my favorite band. A site completly dedicated to this band. I know it wouldnt be much but could I make any money from a site like this? I hear of people creating a site with say football videos on it and they say they make $5-10/day? what else would need to be on a site like this?
If you are passionate about the band, have access to the latest information and clips about them and are authorised to release them (no point making $5 a day and being sued for millions) then it would be good. Me too sites probably make a bit of money but they lack originality and certainly lack quality. $5 a day might be nice but I think you'll find you "earn" the money with the effort it takes to build a decent fan site.
These are called music blogs. If it is a popular band, you can get a lot of traffic (and hopefully earnings) from a slew of good content and videos. I would suggest, if your bandwidth permits, to also submit your individual web pages with videos on them to services such as ProjectPlaylist.com - or something similar. Keep in mind it could put an exponential strain on your webserver, however. It is more than possible, you just have to have the dedication.
I agree with KingofKings. Post a lot of content as well and pick up the search engine traffic for the band. If the band has a forum why not become active there and include your link in your signature?