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Monetize your Website
At different levels of popularity, different types of monetization tactics will be available to you.  At first, you really won't see that much money rolling in from your website, but in time all of your monetization efforts will increase exponentially because of the massive amounts of traffic you are seeing to your site.

Ways to Monetize your Site

Adsense

The first way to monetize your site is by placing Google ads on your site.  This is the easiest and one of the better paying programs out there.  Many beginners even see results from putting Google Adsense on their site.

Chitika

You can supplement your Google Adsense Ads by placing Chitika premium ads on your site.  These ads are search based.  That means that they will be related to what your visitors searched for last.  Even though that may not be relevant to your site, it is still relevant to your visitors. 

Infolinks and Kontera

These programs allow you to put in-text advertisements on your site.  I don't recommend using these programs until you have a good flow of traffic on your site.  They don't pay that much, and if you don't earn $5 per month, they may not roll over your payment.

Affiliate Links

At any level of the game, relevant affiliate links are a must.  Just don't overdo it.  Google doesn't like it if you put too many affiliate links on your site, and will hurt you in the search rankings.

Referral Links

The same thing goes for referral links as it does for affiliate links.  Don't overdo it or you will be penalized, but you can earn lifetime residual income from the people who sign up.

Sell Ad Space

Many companies will buy advertising space from your website if you attract enough visitors.  I have seen small 125x125 ads going for as much as $150 per month.  If you have enough of these, the money will really add up.  But you will have to wait until your website is immensely popular for this.