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It is possible. It will take about 6 month - 1 year of link building if you want to promote for free, if you gonna invest large ammount of money, it will give you result in 2-6 month (Not official, it is just my opinion).
Remember, there are millions sites in this industry, but 99% of them spammers and they drop and banned in search engines pretty often. Just build quality link, submit in directories, write articles, exchange links, try paid directories and PayPerPost.
Bet on niche words, don't try to bet on "Online casino, casino, jackpot". Pick more related keywords.
More content!
I have SEO site and it rank well on Google and MSN (Yahoo doesn't like me). It took me about 8-9 month to get pretty nice positions with thousands monthly clicks from Google.
Also, here my chart of most competitive sites:
1. Sex
2. Gambling
3. SEO (webmaster)
4. Directories
5. Hotels (travel) - Global
6. Real estate - Global
7. Cars - Global, all brands.
8. Dating/Relationships - global
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