I have had a domain and a webhost for some time now but I haven't been able to figure out what to use the space for. I just go the idea of selling space on my site for advertisers and whatnot. My question is how do I go about doing that? Any info is appreciated. Thanks.
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Well you need a website with traffic in order to sell advertising space. Once you get to that point, you can sell your own space on forums such as NP or you can use something such as Google Adsense: http://www.google.com/adsense/
as crazytech suggested, get working on developing your website. whether you get into adsense or not, you're going to need traffic etc, plus having a better website increases your chances of getting in.
How do I get a blog on a website thats on the site without having to link somewhere else. I don't know if Im explaining it right but here's a link to what I am getting too. http://www.oswd.org/design/preview/id/3633
if you're talking about how there's that white top bar there and then the page at the bottom, then you're looking for "frames". note that search engines dont like frames though