Getting Involved In Adsense. How? What do I need?

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I was wondering if anyone could fill me in on 1.) the requirements to get an account with AdSense. 2.) How does it pay, i.e. Pay pal, check, etc. 3.) How well does it pay, is it PPC, PPV, other? How's it work, and how much does it per per click, view, etc? 4.) Anything else I should know.Thanks in advance!