Welcome back to GFY! I don't think your goals are too lofty, actually I think you can hit those numbers in a shorter period of time if you are able to generate a consistent traffic flow.
Are you planning on building the site on your own or do you want to purchase a script? Either way its going to take some time or money to get the site up and running.
Considering you are new to this industry and don't have a site or network of sites to funnel traffic from you might consider starting with a blog. Wordpress is the easiest and most powerful to use and it's free. Search Engines love blogs, especially ones that are updated daily with original content.
Of course traffic can be purchased at
Traffic Holder for as little as $2 per 1k. Once you have your site set-up you should join Thunder-Ball.net for free. You can trade hardlinks and traffic with other webmasters and the site keeps track of all your trades.
I was a little all over the place with my advice but I hope it gives you something to chew on. Best of luck with your site!