Can I make something with a keyword like this?

I'm just trying to get into the microniche sites business, and according to what I've read so far they say that you have to find a niche with:

at least 2000 US searches
less than 1million competitors for that keyword in google
pay more than 0.6 - 1 US $/click
.com .org or .net domain available


now the question is that I found a highly searched keyword that has more than a million searches according to Big G's keyword tool and almost no competition, but it doesn't pay more than 0.3 US $/click, does it worth investing in it?

and how do you guys do your keyword research? (please don't tell me any of the magic softwares cause I ain't got money to invest on them.

thx 4 ur help in advanced

Do exact search on the left hand tool bar in searching the adwords tool. You can monetize the site with adsense any other products. Give it a try.