The short answer to this is Yes it is very possible to make an income from Hubpages.
It does require some effort to produce quality filled hubs though for this to work. You will also need to have sorted all of your SEO for Hubpages for it to be a complete success.
Hubpages has 4 main affiliate programs those being, Google Adsense, Amazon, Ebay and Kontera. My two favourites for earning money out of the 4 main affiliate programs are Google Adsense and Amazon. There are however other ways to earn through Hubpages.
These are to write hubs to gain traffic to your own personal websites. This is possible by including the website in the links capsule provided in your Hub tools section. You can include your website up to 2 times so I suggest putting one in the actual text body and the other one being embedded in the links section.
Another way you can earn a Hubpages Income is to use Clickbanks Affiliate Program. This website brings both affiliates and publishers together to sell products and can be very rewarding when used correctly with hubpages. Check out the Guide to Hubpages here.