As this is going to be a reference thread to send new users to I'm going to update it with some links to other threads you might want to read if you're new to online business and/or want to make a living online. In no particular order:
Building your first website - complete newbie!
Is site design as important as the content?
How do you drive traffic to your site?
Got any SEO tips for someone with no $$???
Buy Big or Buy small for the noob?
Run a business with $10
How to Build Website Traffic Without Google
How to Choose and Manage an Affiliate Program?
Is it safe to build a business completely reliant on free Google traffic?
Who makes their entire living from the internet