Sure - the main thing to remember is that it's your account and you're responsible for the content. So, you wouldn't want to let someone host an illegal mp3 site, or anything the violates copyright law, etc...
As an example, you could pay $10/month for a hosting plan, charge 3 friends $5 each for some of your space--and you would technically be getting paid $5/month to host here.
Or you can even give space away, if you have a friend or family member that you'd like to help out. I have a few family members' sites hosted on my account for free.
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