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If you sign up with a few of the affiliate networks, you will see that there are programs that will suit your site well. You can also try searching for "related-to-your-site-keyphrase affiliate" or "affiliate program". You might be pleasantly surprised with what you come up with depending on your industry. Be sure to look through the sites of companies that YOU purchase from as well to see if they have affiliate programs. An easy way to do this is with a "site:www.example.com affiliate" search.
To keep improving your traffic, try Brett's Guide [searchengineworld.com].
I have a personal website where few free screensavers and other stuff are hosted (on geocities) it receives about 70 hits a day. I am already running google adsense. What other advertises that i can run which can fetch me more money? or do i need to wait till my traffic is in 3 digits a day?
If you want to seriously make money with a web site you will need a professional hosted domain, rather than a free domain. These don't need to be expensive to start with.
As (if) your traffic builds up, you will need to spend more on your hosting but should also be able to start to think about carrying professional advertising from an agency, such as Fastclick - but for this you will need to be providing 500,000 page views every month.
On the other hand, if you intend to keep the web site as a hobby, then don't carry advertising. Advertising does annoy readers.
Anything in the 'few hundred or less' impressions a day is tough to monetize with conventional advertising.
If you have developed a site that is interesting and compelling to visitors, then I would get your own domain and low-end hosting (as Matt pointed out) and go with a "Donate" program where your happy visitors can throw you a few dollars (via PayPal or Amazon) until you can build up your traffic.
Also, general audiences don't offer much on the advertising side. We have some high-volume, non-targeted sites that may pay only $0.50 to $1 per thousand impressions, while our more focused sites in specialized markets pay $10-$20 CPM or more. Keep this in mind as your site evolves.