Is this an idea that can earn me $$$

I planning to do the following :

1. Buy a domain (keyword in the name)
2. host it with hostgator and use the discount code given here and get the first month hosting only for $0.01
3. Install wordpress and some plugins like sociable, all in one seo etc.
4. Write some 5 unique articles.
5. Submit 2 articles to my wordpress site and one each to squidoo, digg and ezine.
6. load in a ping list and add 1-2 videos each day and 1 new article once a week or two.
7. Direct some traffic top the site.

My main question is will this site be able to earn me revenue and also if I embed youtube video codes will google penalise me for duplicate content ???
I am also considering to tap into a niche and setup a site with only youtube videos and google image search images, will google penalise me and kick my BUM for that???
Any new ideas would be appreciated
REGARDS

Whats the discount code for $0.01?

Will google penalize you for dupe content with embeded youtube vids and g image search pics? No.
But, will they help you seo-wise? Mabye, google does check to see if you have media on your site, though it can't tell what content is on the video (ie, niche)
Will it make you money? That all depends. Too many variables in that question.

If you do the image idea, make sure you are not direct-linking those images.



Loki's suggestions:
Submit you blog to more social bookmarking sites.
Comment on other blogs that are in the same niche.
Submit youtube videos of your own and watermark/put your link in the info section.
Write up a little php script that adds a few youtube videos and images a day.

or you can use zemanta plugin.
the plugin will scrap flickr image / tag suggestion , etc based on your content.