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SecondLife is an MMOG. As far as I know, it's sort of like The Sims Online. The way you would make money is by selling in-game money, real estate, or etc. Since it has its own economic system you could try to use that to get you money or land. (For example, buy a piece of land, build stuff on it to increase its value, and then sell the undeveloped parts. Then maybe you could get refunds for the improvements or something.)
You might also be able to get money with add-on-type sites. E.g. for myspace you have layout sites. Research and find what would be the second-life equivalent. Then sell whatever it is for real money, in-game money, or just put a ton of ads on the site.
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