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You can promote your website through your blog by writing articles that are very much related to your site (as well as press releases when necessary). You can either write a full article then link to your site to access the product/service you are promoting, or just write a snippet (like you mentioned) and link back to your site for the full article content.
You can use adsense on Blogger (Blogspot). I don't know about others, except for blogs that are on domains that you own. I think Wordpress doesn't support adsense.
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