So I'm a college student. I think that I have a really good opportunity here (campus marketing), but I'm not sure how to use it.
The obvious one is CPA offers. I don't know what would convert well here. A lot of the things that require surveys and "free trials" seem like they wouldn't be well...
You'll certainly have a tougher time, but it is possible to start making money in your situation. You can't afford to be choosy though; look at fiverr more.
PayPal's fees can change depending on the receiver's country so I'm guessing they can find out. You could try maintaining a US VPN (will PayPal catch that?) or ask odesk/elance if they're willing to make an exception for you.
I'd be worried about extralegal problems. All it takes is one local to find out about your site and you're in deep troublw. Doing it in the US is fine but you have to get the release paperwork.
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