Can a .weebly.com ever out rank a EMD using a .com or .net?

I found a keyword that is beatable but there is currently a .net ranking #2 for the keyword.

I site only has about 20 backlinks to the site and it's currently out ranking some sites that have 1000's of backlinks.

The links are not that strong either..mostly blogs and directories so I'm thinking it's only ranking because it's an exact match domain and the others are not.

Can a weebly site out rank the exact match domain .net site with enough strong backlinks?

You don't have 1.21 to buy a .info?
and yes, sure it can

It's definitely possible. Dead on domains are a lot harder to beat, especially a net, but it can be done. Sounds like you have your work cut out for you. Good luck.