I downloaded backtrack 5 for hacking.
They advised me to hack virtual machine for practice.
However, I am owning a sole netbook and that is close to impossible.
Well using a netbook for such things is quite not viable. You could either buy a notebook (I'm working with Acer for about 8 years now) or you could try some online labs, like the "Coliseum web app security lab" provided by elearnsecurity.com.
Also, does anyone know where I can hack legally for money?
Depends on how much knowledge you've got in detail.