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Long thread to go but in short here is what is needed.
1. Register the domain of choice.
2. Either develop a custom script or use a free available script or buy a script.
3. Bring site live
4. Build some links and advertise the site on forums, blogs etc...
5. Spend some time everyday to activate/deactivate links.
And once the site goes popular, plan about earning from it :p
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