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It certainly wouldn't be easy to pull off, nor a good "get rich quick" scheme. Users are searching for a particular product - they don't want to be flooded with ads - or at least, if they are flooded with ads, they want them to be relevant.
Therefore, if a user clicks through to your adfilled site, they're more likely to hit the back button and click the more relevant ads.
Aside from the fact that it's against Google's TOS to create a website with little content other than ads, it's a bad idea because, as mentioned above, you'll probably get paid less than you'll pay to promote the site.
Used in context, Google's ads can be a great source of revenue. Just use them as both Google and the people paying for them would want you to, and you'll do well.
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