I am personally trying to do something similar for a targeted squeeze page I've been working on. So, I'd be interested in keeping in touch with you so we could bounce some ideas off each other.
Anyway, as for your question, I would say yes there are some different ways you could approach this.
But, First off, how are you planning on selling these ads? Are you going to just advertise on site to personally sell them and take payment or through some other means?
If so, start searching for Adservers. They will help you manage selling ads privately.
You can also join some sites which will help you sell your ads and have in-house adservers for you to use. These usually charge you a percentage of what your paid from the advertiser. Others just charge a membership fee based on impressions and other such numbers.
Hope that helps you some.