If this is the kind of thing that interests you all:
Check out italki. If you don't have a bachelor's it's not a big deal, they're going to want you to get a TEFL anyway (costs a couple hundred dollars). The rates seem a little better than what you're seeing in this thread, but you're mostly going to be working with college and grad school russians, chinese, japanese, and europeans.
A friend of mine actually covers all of his living expense doing this 20 hours per week at 24 dollars per hour (he lives in Russia at the moment so his living expenses are practically non existent).
Just another thought for those of you that are interested in this kind of thing.