I have been doing things a bit backwards, always jumping in before starting at step one, so for Weddings I`d like to start with getting experience, however experience obviously won`t pay bills. On average of a 8 hour day I make about $76, so I was thinking of offering to be a second camera for weddings at $100 full day rate. Does this sound reasonable? Here is what I have to offer :
Canon XH-A1
6'5" max height tripod with Bogen 503 HDV head
Sennheiser g2 series lav X 1
ME-66 Shotgun mic w/boom (barely used in weddings i know)
Glidecam 2000

I have only done one wedding which was last minute with 0 planning, I think it came out ok for having to man 2 cameras and not know what was going on. Heres the 'trailer from it'.
www.naqproductions.com/temp/shortwedding_final.zip

Am I justified in asking for $100 for filming the whole day events (ceremony, banquet, etc) ? I have very limited free time to just do it for free, I do need the experience as well, but I need to make the most out of my time spent away from my job and other things I have going on in life, but the bills don`t go away on their own. Input would be helpful.

You can't even rent an XH-A1 for that rate, much less pay someone to run it. If you sell yourself cheap, you will always be thought of as cheap. Eventually you'll realize you can't keep doing it for so little, but you will have conditioned your clients to pay a cheap rate.

Talk to a few local videographers, tell them what you have then let them make an offer. It should be way more than $100.

Our company usually pays in between $15-$25 PER HOUR depending on experience and skill set.

$100 per day is actually a great rate to pay someone to do a second camera shot if they are experienced and know how to follow directions :).

It's not uncommon practice to "intern" with a wedding photography company here and then they will review your shots to see if they'd like you to continue working with them....at sometimes very little to no pay. I'm not sure how your local market is for wedding videos. You may (depending on how your local market is) have to bite the bullet and maybe do one free. But trust me, the experience alone gained from a good teacher and studio will be worth it.

With that said, I haven't looked at your trailer but I know our company prefers to get fresh people who don't have all these hangups when it comes to shooting. When you find a studio or guy you want to work under, make sure you just stay teachable and follow "their style" of shooting unless given freedom to shoot how you like. I disliked working with guys who would make up their own shots when specifically asked to "just please follow directions because we shoot this way for the SDE".

Good luck!