Yes! I have made quite a bit of money using Youtube. You don't even need to be great at making video's. Its very easy to drive traffic to any website or affiliate link by placing links within your profile and your video description, you then need to simply promote your video by getting as much exposure as possible. I use a piece of software to automate some of the promotion work and it has never failed to deliver.
You can read about one of my promotional experiments here: