[StellarWind]

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-is it OK that he only has one player (me?)

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No, he won't get paid unless he continues to produce new signups. Your plan has been tried many times over the years and it apparently always comes down to this. They may also have a three-signup minimum for him to get anything. Search the archives.

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-is it OK for the friend to have an existing Party Poker account?

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Not a problem.

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-does he have to create a website promoting Party?

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No. Some very successful affiliates use other methods of promotion.

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-is there a minimum amount that must be reached for the affiliate to get paid per month?

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It's nominal, like $50 or something.