There are 100's (maybe 1000's) of people who set up adwords campaigns for clients... google loves them because they take the work out of selling a client into trying out adwords and increasing their spend. I have heard of Google trying to poach larger clients however.
If you take the Google AdWords Professional course (it's online) and spend US$1,000 (or the equivalent of such in your local currency) in 90 days, you can get certified as a Google AdWords Professional. Applying for this certification (and perhaps passing the test, I forget what all is required) gives you a nice management screen that will allow you to manage campaigns for clients. If you intend to set up AdWords for other people, this may be a good idea.
Also, Google is beta testing a referral program where you can get money by referring people to Google AdWords and Google AdSense ($20 bounty per signup). I'm not sure if you can combine it with management, but it might be worth an application:
Just wondering, does anyone know if the following would be ok with google?
Opening site which will set up google adwords ads for other people? Would google allow such actions?
One thing I'd add to the conversation (as a general comment and not one specific to rookiecrd1's question) is that before even considering setting up a business which would set up AdWords accounts for others, it would to everyone's benefit to truly understand the AdWords program (and it's nuances), and to have created and managed a successful account of one's own.