Project Free TV is safe to use. There use to be viruses but there aren't anymore as they are no longer objected by the DMCA (Digital Millenium Copyright Agency). Before this, they didn't have enough funds and were hacked.
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It is possible, yes. If you Google it and a malicious software warning from Google pops up, you may want to think twice before entering the site. Also if you do not have virus protection on your computer you might want to think of getting that before you go on any other websites, that might possibly give you a virus.