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You would be able to earn some money from advertising on adwords and receiving the revenues from an affiliate program. But some programs have stipulations about how you advertise their products and services.
Sometimes they do not allow ppc advertising at all and sometimes, they are limited how you can use it. I think the best way to do it would be to have a good page with serious content coupled with targeted ads to the affiliates and then you could send your adwords traffic to that page.
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