Yes, you can make money with an adult pay per click affiliate program. I know because I get checks every month in excess of a thousand dollars. These type of affiliate programs have a bad rap for not paying webmasters and accusing them of cheating. Stick with trusted sponsors and follow affiliate guidelines and terms of sponsor and you will make money.
Remember a sponsor has to make money from your traffic to pay you.
Basic Common Sense Guidelines That Will Get You A check
(1) Don't send fake traffic generated from hitbots, redirects, friends clicking on links and software generating automatic hits, it won't work.
(2) Don't spam via email. This will result in instant cancellation of your account.
(3) Don't send traffic from non-english speaking websites unless your sponsor permits it. Most non-english speaking traffic is of little or no value to your sponsor.
(4) Don't send your junk traffic, example: multiple exit consoles, traffic that was generated from a pop up that was generated from another pop up. These are multiple pop up windows that surfer will be annoyed with and close them as fast as possible resulting in no profits generated for you or your affiliate sponsor. I send my sponsors decent traffic and I make money.