if this is your first attempt at ranking a site, i would pass on this one. look at #7. thats tough competition and since its at 7, we can say there are 6 others that will be even tougher to beat.
pick a really easy kw for your first try. something that gets 300 searches per month. you wont make any money but it will be much easier to see the effects of the backlinking and optimization that you decide to go with.
once you see what kind of works and what doesnt work, you'll be able to rank for easy kw's, and then move up the ladder to more challenging ones