Is living off freerolls possible?
I don't know if it's possible but I'm managing to put a large volume of games with only freerolls...
I have been playing several tournaments every day with zero investment and making the money.
List of houses I play:
pokerstars
party poker
natural8
Americas CardRoom
bodog
Betfair
888Poker
And the main advantage I see in playing freeroll is that there is no negative psychological effect of losing with tournament entries. And you'll be able to test plays that you wouldn't normally make in paid games.
In other words, playing freeroll is a great way to study and train, as well as being the most cost-effective for those just starting out.