JLeppee: 2) I have seen some folks here have "earned" like $7,398,766 so far, I imagine it isn't real money, so what do you do with it?
Sadly enough, this bad tale is supported by the mods which might be claiming "innocence" - who knows?
Fact is, this amount mostly comes from credits earned in tournaments. As you will know, credits are the in-game currency. Strictly speaking, they are licenses which may be exchanged against virtual goods in the Pro Shop. The T&Cs give them "no monetary value", and the company has every right to revoke them.
In several occasions, the company has failed to explain why these earnings (and win displays in tourneys BTW) are displayed as $$ at a 1:100 exchange rate - it is obviously against their own rules. Getting 100 cr for 1 $ does not imply that this deal might be reversable. The only real $$ value may be watched in the "Elite" section of the Pro Shop - green fees and gift cards at an approximate 1:650 rate.
Me thinks that this fake display is meant as a catchpenny towards people's greed, helping to create revenue.
JLeppee: 3) In my profile it says I have earned .50 so far.. how did I do that?
Strictly speaking, you earned 50 cr by advancing to Amateur. Other credit sources may be to advance through the lower levels which apparently is not included in the earnings.
Look into your account tab for details.