Typical career path for Musical Theatre grads? Can u really make a living out of this?

There is no typical career path for an MT. There are, however, only 1/3 as many paying jobs for women as for men and sadly the pay levels are often lower for females (for example some theatres use equity contracts for male dancers while female leads get non-equity salaries). I think longevity is a function of type, and I suspect dancers frequently work younger while singers often mature into larger roles.

I see D’s friends who have graduated from a wide range of schools earning from nothing or measly $150/project stipends to $2000/week depending on the level of work they are booking. Of course those doing film and TV are doing better.