I'd recommend going direct to site owners and cut out the middle-man. This is a great way to get the best deals and even better ones as you establish an ongoing relationship.
I think you can get better bang for your buck with CPC - as apposed to CPM this can blow through your budget very quickly - especially if the site gets a lot of visitors. But if you just wan to advertise something for brand awareness (like your own products), then CPM can be good.
You don't need a website of your own to make money - all you need is platform to connect/capture the attention of your target market. This can be video sites, free publishing sites, groups, etc. That said, although you could very well earn this way, the best way is to have and own your own...
I've found that the best way to learn is to start doing. You can start small, learn the system(s) and then scale up. There are several PPC platforms you can experiment with e.g. Bingads, Google Adwords, 7search, etc. Again, start small, and read tutorials, coz if you don't you can easily lose...
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