The lowest CPC I have is 3 cents for the active keyword with the average rank of 8, generating <100 clicks a day.
When setting up the campaign you can choose content network only and disable the search network
* Minimum CPC is the least that one can pay to have the ad appear for a particular keyword in a particular account.
* Minimum CPC is entirely unrelated to how many other advertisers are using the same keyword.
* Every keyword has a Minimum CPC that is unique to that word as used in that particular account.
* The higher the 'Quality Score' of a keyword, the lower the Minimum CPC will be. Quality score amounts to a measure of the relevance of a keyword and it's ad to Google's users.
* The lowest possible Minimum CPC is $0.01 (or equivalent in other currencies).
* Very low Minimum CPCs are earned by creating highly targeted ads and keywords that get a great Quality Score.
* Only the very best ad/keywords will earn the Minimum CPC of $0.01.
* Keywords that have not earned a very low Minimum CPC, but which are set to have a Maximum CPC of $0.01 will become inactive, and the ads will not run for those keywords.
I hope that helps to clarify.
AWA