How to exploit highly searched unknown keywords

Here's the scenario:

1. You find a keyword that is highly searched by users. It is searched half as much as the word "sex" which is a tremendous amount.

2. The keyword really doesn't represent anything by itself, but combined with other words it has meaning. Similiar to an adjective.

3. The search results returned for the keyword do not match the keyword. There are really no websites specific to the keyword. No competition.

4. There are very few advertisers purchasing the keyword, but there are a lot of advertisers purchasing the keyword as part of a phrase.

Can this scenario make money? How would you exploit this scenario?

Here's a start:

1. Create a website specific to the keyword and keyword combinations
2. Get the site into the top search results
3. Now what? We have a site getting fairly untargeted traffic, but traffic