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I think you can participate in Google Adwords and Text-Link-Ads. But, if I were to tell my personal story, I now get 60+ uniques a day. I never spend a penny or a second on optimizing my site. I just posted everyday and pinged all of them and gradually traffic started to build.
And, I would highly recommend MyBlogLog. Have a community around your site and it will lure a lot of traffic. In the world of web 2.0 and social media, I think Mybloglog helps a lot in enhancing relationship with your readers. For eg, I've added most of my readers as friends at Mybloglog and I get a lot of respect for that. People love being friends with people they admire/like(in my case. I'm not a celebrity to get admired).
Anyway, if you're gonna start a Mybloglog community for your site, please let me know, I wanna be a member. Boy, do I like cellphones or what ?!
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