You can earn money online by transcribing audio files. You can offer you transcription services on freelance marketplaces like oDesk, Elance, Guru, etc. You can also create your own transcription business website and offer your transcription services through that website.
Transcription requires a good command of English and good hearing. When you start getting more transcription jobs, you can also buy a foot pedal. There are many free transcription software's that are available on internet.
http://www.odesk.com
http://www.elance.com
http://www.guru.com
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