Yes Cred you can make some decent money as a "lockout specialist". If you are sincerely interested you should approach a local locksmith and talk to him about taking any calls that he doesn't have the time/inclination to deal with himself.
There are some shortcuts to getting things done too...
1. Get a business license before you talk to anyone about doing this kind of work. Your local state or county can give you all sorts of info on how to do this.
2. Get a bond to cover yourself. This is one of the reasons to get a business license. The National Locksmith and The Locksmith Ledger both offer $15,000 bonds with a picture ID for $15 but they will want a copy of a business license and whatever other paperwork you need in your area before they will issue this. On a side note, the picture ID will work wonders at local lock suppliers if you wish to purchase supplies at much lower prices than you'll find as a hobbiest.
3. Find out if your local police force opens locked cars and/or property for free. In areas where they do this you may want to speak with someone on the city council and give them the line about how they are taking away business from local companies. Most cops do not like to open cars now anyway as it has become a liability nightmare for them.
4. Get a decent set of auto lockout tools. Yes, you can pay upwards of $300 for them but if you want to make some money you almost need to do auto lockouts. There are far more of them than home lockouts. The most important thing to look for in auto tools is an up-to-date and updatable manual. I would recommend High Tech Tools, I bought from them for 5 years before I got out of the lockout biz.
5. Talk to local locksmiths only after you have done all this. You have a much better chance if you present yourself as a professional with all the licenses and permits in your hand when you show up. The reason that so many people think locksmiths are a rip off is because of (and I hate to say it) scabs who put an ad in the yellow pages and think that a slim jim and a set of picks are going to be all they need. Most locksmiths in metropolitan areas end up with more lock out calls than they can handle. If you can come to a gentleman's agreement that you will send any sales or installation work their way most of them are pretty good about sending work to you.
6. Say good-bye to your nights and weekends. One of the reasons I don't do lockouts anymore (other than friends, family and people that could fire me) is that I wanted to spend more time with my family.
7. If you want a lot of detailed info and some very informative videos there is a guy in New Mexico who sells a how to kit for $250. One of my student workers swears that it is a good deal and actually has a lot of good info on how to run a successful small business. Its available at
http://www.locksmithbiz.com
Good luck