Short answer, yes. Some people like Ron Chapple royalty-free stock photos and illustrations at microstock prices: iofoto, a fresh new collection of stock photography have their own company and team of people that work for them. I'm sure he's doing very well financially.

Long answer, it depends on how much money you need to make and how much time you can take to make the transition from your current income to microstock. A year? Two years?

For the people who are making a living with Microstock it seems to have taken a year to several years to build a large enough portfolio that will generate enough money to live on. This is usually thousands to tens-of-thosaunds of images of true stock, not snapshots laying around on the hard drive.

On average, I'd say it takes me about 30-60 minutes per image to prepare a scene, take shots, pick the good ones, post-process them, research/keyword them, and upload them to about eight sites. Everybody does workflow differently.

To get some insight on Microstock, Lee Torrens has been doing great job of blogging his experiences at Microstock Diaries - Selling Photos Online in the Microstock Market

Hope this helps.

Paul