In my post, 6 Ways to Earn Online Through Blogging, I had mentioned about joining advertising networks to generate income from your blogs.
One of the popular advertising networks where you can earn online is Project Wonderful (PW). As a publisher, you just put a code on your site then advertisers can bid through PW system so that their ads will show up on your site. You decide how and where you place the ads on your site as well as the type of ads you want (graphical, text, animated, static). You can also set choose the size of the ads (whether they are banner ads, skyscraper ads, and so on).
The bottom line is that you remain in full control what what ads will show up on your site. Advertisers can bid on your site, but you decide whether you approve new ads by hand or trust members who have bid in the past. If you don’t like an ad, you can cancel it at any time.
You can cash out once your earnings reach at least $10.
Personal Experience: I had already cashed out from Project Wonderful. As of this date, I can vouch that this site pays it members.