Hi: I want to launch a campaign but I only want to run it on 1 keyword which gets a ton of traffic - the other keywords I'm already got top google spots for organic traffic.

Is it possible to run a successful campaign and get a top position if I set it up right with just 1 keyword?

Sure, why not? However to get a good quality score (and thus cheap clicks on a high volume keyword) you may need to set up a site of at least several pages, not just a single page.

Great - thanks - this site already is a well established site with over 50 pages and does already have several keywords ranked in the Top 1-3 spaces in both Google and Yahoo. It's just this 1 keyword is ranked like #4 in Google but I want to see if I'll get more sales if I can get in in the #1 space for Google Adwords.