Penny Stocks?

I've always heard that stocks are risky, and penny stocks are much riskier. Strange since, they're cheaper, one might think they would be less risky.
But 'on a tip' and after some research (not enough I assure you), my firefox browser was opened up and Scottrade.com was entered into the address bar. There was some cash funds laying around in there collecting dust since my last stock market ventures and they needed reviving. With the relatively small amount in there I was able to purchase 5000 shares of a penny stock! Never thought I'd have 5000 shares of anything! The idea is amazing to me that, if the per share price goes to even just $1, an amount that isn't sufficient to buy coffee at most places, then I'll be cashing in big time. Inversely it could totally tank.
I didn't bet the farm though, just plugged in some cash that wasnt doing too much anyway. Here's to being an American and being bullish.
If you are new to the stock market world, and you wanna get involved with investing, I've like Scottrade. If you open an account, plug in the referral code VVSV2099 if you would, and they'll grant me a few free trades. Thanks. I'm basically with Scottrade due to the $7/trade cost and the fact they usually have a local branch office in a metro near you to be able to ask questions IN PERSON. I know, their commercials aren't as cute as E*Trades... but I still like em'.