Defo possible, would take a while to do $500 a day in profits, could easily shoot to $500 income a day with some money to start up but it would take a while to tweak shit out and find what works and what doesn't work in order to profit $500 a day.
I was talking to an old friend of mine from when we both started in the biz, he was always kinda small time, small mgp's and a very very low budget paysite. In the last year he has been learning and listening and the guy is now making over $750 a day profits - up from $200 a day in 2008. All the best to him, he certainly deserves it.
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