Topic's a bit old since he posted it back in November.
But simply, in a MMO game (Massively Multiplayer Online) think of a Game Master like a police officer in reality. They patrol the community of players, respond to incidents, and investigate situations.
I know a friend in one of these jobs, he earns around ~$13 US/hour the last I spoke to him. He's been working there for.. It is nearing his third year. One downside about the job is that you may have to work odd shifts like 8PM-5AM, but the good side is you get to work on something you like to do - play videogames.