omega01, you have asked a question that doesn't have a simple answer.
If you could give specific details on what you want to advertise (assuming it is adult related etc.) 5 Star members could provide you with helpful information.
For online advertising for low cost and free I would recommend related forums, social networking sites, and article submissions for building backlinks to your pages. Also depending on what you are offering traffic exchanges can be good.
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You asked a question made popular by newbies. You need to set some kind of realistic advertising budget. Keep in mind that you are running a business. The college campus idea has been effective for me also. I ran an ad in a Georgia tech student paper some years ago that had excellent results.
Of course you can always print well written flyers and hand them out around campus. Hang them at the student laundry center and on bulletin boards.
I'd say forums if you're looking for a pretty good source of opt-ins utilizing free information. Another spot that most people will tell you is using ezine advertising.
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-before you choose which the best free tools to advertise it better to study your niche market.
then choose one or two of the free or low budget advertising tools such as :
* forums and most important related to your niche market.
* ezine advertising
* blog
* article submissions,
* social networking,