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Start a site about a subject you are passionate about like fishing. Provide useful content to readers and then check out related affiliate programs at Linkshare and Commission Junction.
Also signup for a Google Adsense account and put google ads on your site. Remember content is king. Without good content you won't get enough traffic to make the site payoff.
If you are new to blogging, start with blogger.com. It is owned by Google and they make placing the ads and customizing your blog a snap.
It take many months to build traffic to your site, so be patient. Most people quit to soon. You can promote your site discussion boards such as Mylot.com. Find blogs that are relavent to your subject and leave comments with your url. If you write interesting stuff people will want to check out your site.
I've done some affiliate marketing over the years. Generally, how to do it is up to you - I've met very successful people that have done totally different things than I have, and others who've done similar things - and people who've retired before me, as well as others who can't make more than a few dollars per day.
If you market stuff, make sure you're interested in that stuff. Learn about it. Develop your own unique angle, especially if it's an affiliate program, because there are bound to be other people selling the same stuff.
Learn about SEO, SEM, CPM, and other three letter acronyms
Publish new original content, learn about social networking (above beyond myspace, funadvice, etc) and develop a targeted mailing list or newsletter, to keep potential prospects up to speed on what you're selling and recommend (earn commission) on other products to.
The more specific question you ask, the better we can help. Good luck.
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I guess I want to ask if there are any affiliate marketers here and how do you do it?