I'd just like to chime in on this.
I actually make money from my website. Ammitadely it's not a great deal, but it's enough to pay for the hosting and have some extra building up for future use.
I've done this through a variety of way, specific advertising (example, I run a car website, and one of the banners is to an on-line car insurance quote. I got paid everytime someone gets an online quote.) I also sell stickers, t=shirts etc etc.
With the advertising i've found you've got to advertise exactly what they want to use. I've tried other adverts, such as computer ones, in the past to no avail.
Now i've got more time to spend on my site I'm planning to develop this further.