Making money off social networking

The phrase I always despised was "monetize." It was used to describe how someone would make money off tons of online traffic.

Kara Swisher has an interesting look at all this with a visit to Facebook. I've become more interested in how Facebook connects people but am still not sure how it's going to become a business. It's true it attracts a lot of eyeballs but now what?

Am hoping it succeeds but not sure how.