Nice one

Loving the Dr. Pepper expenses
Anyway I thought I might shamelessly take advantage of the nature of this thread in order to ask some of my nooby questions :3
I've spent the last few days browsing BHW and soaking up info etc. I'm 18 years old and single, with a lot of time and focus to spare.
So far the most attractive method of making $$$ I've seen has been finding a niche using creativity, and keywords etc. (using software or google repots to do this?), setting up a website/domain focussing on this niche (using hostgator, or blogger, or wordpress?), using SEO to get this site some serious traffic, then using adsense or affiliate programs (somehow making money from linking to amazon products etc.?) to create revenue from this site... At which point I can either sit on the site or flip it for some instant $$$.
I would ask, do I have the right kind of idea? Is this a good direction to start researching / venturing into?