I have personally, single-handed raked in over half-a-million dollars ($500,000+) in honest Google Adsense revenues. So, the short answer is Yes, it is possible, and highly advisable.
The key to success is an unwavering passion about something that you can continue doing day in day out, and have the patience to keep doing it while the project takes roots.
Today you can generate passive revenue streams from websites, mobile apps, affiliate programs, and more. Rather than continue taking in vague terms I suggest you call me and we can discuss your specific situation and what is the most applicable direction.