LiewCF.com has post a good article about Sell Ad Spaces by Yourselves. He says
- Prepare a page in your website about the available ad spaces, e.g: advertise on LiewCF.com
- Prepare a contact us form, so that the interested advertisers can contact you.
- Promote your ad space for free in related web forums and also website with free advertising space, e.g. iwebtool.com link market
- Actively contact any possible advertisers, which could be found in webmaster forums. Make sure your website matched the advertiser’s requirements.
via LiewCF.com
Suggested Reading: Sell Ad Space by Yourselves (Part 2) by LiewCF

wrote, on October 4th, 2006
You know what Thilak. Once I get my site to earn enought out of Adsense and it becomes a bit popular, I am going to sell the Adspaces myself. I wont outright remove Adsense, but I would dilute it with my own inventory.
Hope that day would come soon.
wrote, on October 4th, 2006
Best of luck for the future