Rainbow-mail - is it legit?

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Hi I was doing a PTC and I came across an advert for a site called rainbow-mail. It gives large amounts of money ($500 or so) for clicking ads and $7000 or so for signing up. The payout is at $155,555. So I've been clicking around on it just to see how hard it would be to reach payout (there were only a handful of expensive ads). Has anyone had any experience with this site? I don't plan on putting any money into it but I was wondering if you guys could tell me if it was just a waste of my time. Thanks (p.s. if it is real, your referrer is daryush :P)