I think even in third world countries you couldn't really make a living with it. At least if you do it by yourself without referrals. And you won't enjoy much living in a tropical third world country, if you have to solve captchas the whole day Besides, there are better badly paid programs in the web to earn money.

But I also don't think faucets are a complete waste of time. I agree to what has already been mentioned. If you get some referrals you can still make some coins, but it has become very difficult to get some. If Bitcoin keeps on growing like it did before, you could still end up having a few hundred bucks in your wallet a few years from now on. It is not like it never happened before.