The most known website monetizeing way is the Google adsense. You can see that advertizes on almost every pages.
You get paid after clicks. I guess everyone knows this system so it's enough to talk about it. I wanna show some other adverising and money makeing opportunities. Good if you wuld like to show something different on your site or just banned from adsense program without real reason as I read about a lot of people.

This is the main adsense alternative system. You can sell directly your ads places and you can inplement inline text link ads as well. You can link your Adbrite ads to your adsense ads.

Earn 70% rev share per click displaying keyword-targeted text ads. Choose from more than 6,000+ advertisers by keyword.

Adversal Publisher Network will buy 100% of your pop-under inventory every month so that you'll never have to worry about your ad space going unsold again. They pay up to $1.20 per 1,000 page views. That's equal to $6.00* per 1,000 unique visitors!

To join any of the following programs, you need serious traffic, but they pay well:

Text Link Ads
Text Link Ads are static html links that can drive targeted traffic and help your link popularity which is a top factor in organic search engine rankings.

Clicksor offers Inline Text, Links, Text Banners, In-page Graphical Banner, Pop-Unders, XML Feeds, Layer Ads, Search box ads.

With various ad types the publishers earn 75% of the revenue generated from all traffic sales both from Network Ads and Direct Sales Ads.

They are useing Contentlinks for adveritseing. These are in line text link ads, by mousing-over your linked keyword, a customer can see your text ad complete with logo or other graphic element.

Vibrant Media
Same method like the Kontera. Inline text link ads with a pop-up graphic element.

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