You will need a lot of traffic and a lot of clicks to earn that much. I am earning about $10/month on ALL of my sites, combined, and that's with using 4 different ad networks.
You really need to know where your traffic is coming from before you can decide on what kind of ads will work best for your site.
If it is coming from search engines, then use Adsense and blend it into your site's theme the best you can.
If it is repeat traffic from regular users, then go with something like Project Wonderful.
If the traffic is from both, use both.
If your traffic is from social media sites like Twitter, StumbleUpon, Facebook, Friendfeed, etc. forget about it...they don't click ads.
If you want to control everything yourself and sell advertising directly, good luck! While the potential to make more is there, finding people to sell your spots to is difficult.