Don't buy graphics cards for mining, you won't have a chance to recoup the cost. Bitcoin difficulty has risen like crazy over the last months due to ASICs and you can't compete with those. As for Litcoin, is highly speculative, but if the price holds you will be able to actually see those 10K profits. It might tank the moment it's available on mtgox, or it might tank alongside Bitcoin.

The scheme is essentially a way to turn the increased electricity bill of your co-tenants into cash for yourself. I will stop short of calling it immoral since I had my share of bad neighbors. Sometimes you do what you need to do.