Those types of auctions are more likely to attract potential non-paying bidders, though. This isn't eBay circa 2000, where people would almost always pay for crap like this. Now, a lot of people see joke auctions like this and place bids, with no itentions to pay.
As a seller of almost four years, I'll say this: it's still possible to make a nice sum of money with the right items. But it's a lot harder to do than before. With all of the publicity eBay has gotten over the past couple of years, the market for just about everything has become oversaturated. Everyone on there seems to have dreams of making big bucks on crap, which has left specific areas of eBay packed the brim with common items at terrible prices.
Probably the worst thing is that with this flood of new sellers, there are more of the same in the way of items than ever before. With so many people offering the same thing (think collectibles here), values of said item are dropping off because everyone's trying to compete with everyone else for the best price. The bidders wind up winning that one, but the sellers suffer. It's easy to find a bargain on most collectibles now, but it's hell to find something that isn't incredibly rare and turn a nice profit like it used to be.