Is there money to made through having a web site?

The Million Dollar Homepage is a website conceived by Alex Tew, a 21-year-old student from Wiltshire, England to help raise money for his university education. Launched on August 26, 2005, the website is said to have generated a gross income of $1,037,100 USD and has a current Google PageRank of 7. The site's Alexa ranking as of October 13, 2006 is 12,675, having peaked at around 127.