How do you make money from blogs?

I’m thinking of starting my own blog but don’t know how to make money from it. Among the thing I’d like to know are:

1. how do I market it to potential advertisers?
2. how do I make it visible (since it’s a new blog)?
3. how do I link it to various sites like yahoo, redbook and others?
4. if I register with blog sites like wordpress and my blog generates a high traffic, do I get compensated?

Please include links, if possible…Thank you.