You will be able to use any blog platform, except Wordpress.com which does not allow advertising.
If you're looking for a way to accept ads and easily handle your sponsorship, you could try an ad platform such as http://www.adlet.co
For ad space rental revenue or to promote your own stuff?
Google's Blogger.com doesn't have any upgrade fees common on other "free" hosts and allows Adsense on a free subdomain, you would have to upgrade to a domain name to do Adsense on Wordpress.com
For better control of your fate, spend $8/mo for an "unlimited" hosting account which comes with one domain name, you can add more blogs on the same account later for the $1/month typical domain name cost. Many hosts have easy wordpress installers like Fantastico.
Most free blog services do not allow you to post ads or have banners of affiliate products so you need to register a domain name and hostit via a good hosting service such as Hostgator. (Hostgator also provides the Wordpress script free).
Detailed tutorial can be easily found on STARTYOURBLOGTODAY.NET
I want a blog when i can have ads on it as well ??