Wow, some great posts on this one.
First off, it's great news that you want to jump online and make some cash. Sorry to hear about the time crunch and all, but you'll get there.. Online is definitely the way to go. (Obviously.. but still, it's good to realize that) It's what I've been doing for the past 6-7 years now, and I'm only 20.
The best way, like everyone has mentioned in some way, shape or form is to just jump. Jump right into something. Whether it be PPC, organic search, an articles site, video site, myspace resource, the possibilities are endless. Start out small, and you'll eventually latch on to something that will stick. Everyone starts off not knowing what to do, but the people that become the most successful learn a little and try something out. Regardless of what it is..
#1 - Endless hours, minutes, a few hours.. whatever you have, work with it, it just depends. When you're successful, you may put in less/more time.. depending how you're feeling. "Fuck, I'm killing it.. I'll put in a few more hours tonight and keep improving," or "Fuck.. I'm killing it.. I'll take off a bit to recoop and get some new ideas." If you have an allotted time-frame, just stick to it. Get what you can done, and continue on the next day.
#2- Honestly, I started with a flash portal, that become popular from uploading content to other sites. (Which is something you could do.. A video site? Etc..) It made mediocre change from adsense.. But it paid the server bills plus a little extra..
#3 - Make sure to find a freelance writer that's good, but cheap. There's enough out there that you should be able to find something quite decent, just make sure to look around a bit. It wouldn't be wise to write yourself.. Takes up way too much of your time (Research + Writing + Editing..)
#4 - That's perfect. The best way to go from here is probably get a site up that pimps a specific offer. (Whatever you feel like really.. Acai, Ringtones, Credit Check, etc) Make a blog on that subject, and try to make it feel like the content is the main part, but actually pimp the offer throughout. Something like "Acai Berry is very good, blah blah blah. Ready to try it out for yourself? Click Here" ... Etc. Get lots of articles on a specific topic, register a good domain, start to get your friends help on SEO and run some traffic to it via PPC. Google will pick it up and start to rank you on some long-tail keywords.. You'll catch on.. and take off from there.
I wish you the best buddy, take care and good luck.