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Yes, Itīs perfectly possible. Many of my campaigns avg. CPC itīs below 5 cents.
This is due to many factors. Like Competition for those KW, How many people search for that KW, How much the competition itīs bidding on the same KW. And also whether you activated Content Search or not, inthis case, activating Content Search I got to lower the campaign overall Avg CPC.
I'm at GBP0.01 (ie about 1.7c) across campaigns. B^>
Yes, really. It has taken a lot of account history, keyword trimming, lanaguage and geo selection, and negative keywords, I think, and my acceptance that many terms will not be active for search.
And I'm getting a conversion rate of ~25%, so it's not rubbish traffic. I can buy that at the same price from other sources and make my eCPM drop through the floor the following week c/o SmartPiercing(TM)! B^>