im not a master, but i have created some $$ from myspace. i create accounts a profiles with links to my site, and make the profile looks sweet. i add a bunch of friends and try to get them to go to my site from myspace. only thing about myspace is they use msplinks, so you cant create a lot of link backs from myspace unless you know the way around them.
as for facebook? i havent really tried anything with them yet, but i hope to try soon.
friendster isnt much use for me right now, becuz i need US traffic to create my $$ and friendster doesnt have many US users.
you should look into stumbleupon tho. i earn a lot from SU. one of my main sources of traffic.
hope this helped a little 
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