Developing Your Own Commercial Code

I was just wondering, have any of you ever tried creating your own semi commercial code or at least, for the goal of making a profit? Even if it's just like a small game or a small program of some sort.

1.) Make a sweet ass piece of software
2.) Open source a 'lite' version of it
3.) Sell and license the original for a fee.
4.) ?????
5.) PROFIT

It's shareware basically, but providing the source for the cut-down version of your software will generate more interest in your software.