Sponsors & Ad Spaces?

So I've been toying with this crazy idea for a while now...

I'm thinking about possibly adding a sponsors section to my sidebar.
My blog is only a little over a year old.
Am I crazy?

I've always wanted to actually make money blogging,
but income with AdSense is reeeally slow
& MyRecipeMagic has only paid me once
although I thought they would send it to my PayPal monthly.
Anywho...
I'm not trying to say that those options don't work,
I'm just saying that they haven't benefited me all that much.

Again, am I crazy for wanting to add sponsors on this lil' blog?
Where should I start if I decide to take that route?
Has anyone had any luck with Passionfruit?
What ad space sizes would you like to see?
How many ad spaces should I offer?
What should pricing be for each size since I'm just starting out with it?
How many of you wonderful readers out there would actually want to be a sponsor?
Any experienced bloggers out there have any input for me?

Email me at
lifeisfantasmic {at} hotmail {dot} com
if you're interested in becoming a sponsor
or if you have any advice...
Thanks!

xoxo