incrediBILL - 4:37 pm on Mar 3, 2013 (gmt 0)
Yes it can when you have really low traffic the bot traffic can easily outpace real visitors.
I would be interested in comparing the visitor traffic from your raw log files to GA as well.
I think you might have something else going on as well but it's hard to tell without hands on like having someone actually clicking an ad or two and seeing if it records it.
Might be worth dropping a line to support to verify it's all OK.
FYI, if you want to find out if Google is displaying a bunch of PSA ads I used to set up a special alternate ad page which I could check for in my raw log files to see if it was being loaded and that can be a real eye opener.