It's possible but depends on how interlinked each of those web 2.0 pages you create is with the rest of the site.
Some web 2.0s are automatically interlinked into the rest of the site, eg. your new page / site will automatically get linked in the site directory of that particular free blog host, or you might be able to tag your posts and then the tag listings get spidered etc, leading to considerable trickle down of link juice to your own pages. You can use these types of web 2.0s to crank link juice to your money sites and rank for low competition keywords.
However, on other web 2.0s, your new stuff is basically like a little island and it doesn't get much or any link juice from the rest of the site. These aren't so good for funneling link juice (because they don't have any to send) and you won't have much luck using them to try to rank without more external backlinks.
btw zeano you need to start hitting that thanks button buddy! Pretty bad etiquette when you're asking noob questions with 0 thanks... you will get more answers if you start thanking people.