Yes it is possible.You can receive payments if you have an unverified PayPal Account.Even withdrawing cash is possible to your Country's local Bank from your unverified Account.The maximum permissible limit to withdraw is $500/month.This facilities is not available for a few countries of the world.You have check Paypal for the latest development relating to deposits and withdrawals.
Ya like jb100 said you can recieve unlimited amount of money (if you have someone sending you i.e) But you can only withdraw maximum of 500$ per month. Thats the only limit of being unverified i think.
The difference between a PayPal verified and unverified Account is mainly the limit of cash withdrawal. It is just $500/month.But remember PayPal does not offer cash withdrawal to your Local Bank Accounts for all members.Some countries are still not allowed by PayPal to withdraw cash.I suggest you to check the latest circular of PayPal in this context.
Yes, you can also receive money even through an unverified Paypal account. The basic difference between an unverified and verified account is of the maximum withdrawal limit. With a unverified account, your monthly withdrawal limit is just $500. Its essential to get a verified account for larger withdrawal as your income and tax information is necessary for greater transaction which will provided by your credit card information.