No, you can slap goatse on it and people will come. A few will come back, most won't (actually, for goatse, that might be different, but you get the point).
Real estate is valuable, but it does not guarantee success. You can have a store in the hottest spot of the world, but if you don't market the store well, sales will suffer.
A good marketing strategy around sex.com, branding it as "the only address you need" or something like that, could turn it into the very core of online adult. It could quite easily become the Yahoo of porn, especially if you throw in some enticements like regularly updated free galleries (only softcore/censored, of course), free promo vids for new sites (again, censored/softcore), etc.
Profit might suffer in the short term because it would focus on creating value for the customer rather than immediately milking the customer, but in the long term it would become a actual active hub of internet traffic, rather than a mere source of it. Focusing on Customer Lifetime Value rather than immediate profits is essential to actually building something up
