I'm no expert on the best way to "monetize" your site, but as far as hosting ads goes, probably the easiest thing to try is Google's Adsense program:
They don't give a rip who hosts their ads, how much/little traffic you have, or (for the most part) what kind of site content you have; anyone - including starving artists like you, and bored engineers like me - can sign up. When someone visits your site, their software checks your site for keywords, and puts up "relevant" advertisements. How much money you make depends on how many folks see the ads, and how many actually click on them. Don't know what your site traffic is like, but consider my own sad little enterprise:
The real moneymaker there for me is the sale of motorcycle tire-changing tools (which, obviously, involves considerable physical labor), but last summer I figured I might as well have these folks stare at some ads when they stop by. Since that time, my per-day average is about 113 visitors, 1 click, and fifty cents. Google mailed me my first check for $100 last month. Woohoo! I expect you have some idea of your site traffic (hopefully it's considerably more than 113 visitors per day), so you can scale your expectations accordingly.
And maybe it won't put your name in the billionaire's list next to Bill Gates, but it'll help pay the bills. So get over your guilt, and earn a living. :-)