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The first step when you are looking to monetize a website is to know what you have in your hands. If its PR, Alexa rank, money making site, traffic info, whatever, get to know where you start.
Second step is what to monetize? Do i want higher PR? or more traffic? Maybe the goal is to make more money from the existing traffic ?
Third step is to build a plan according to the decisions, if i want higher PR, the plan will be to buy some goo links and to build large links to the site. If i want to make more money with the traffic i have, i need to think of design and user experience and so on.
Forth thing - PATIENCE !!!
Good luck
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Oron
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