We manage the traffic to just over 1 million domains for clients and from experience I would head down the either of three routes:
1. Park the domain - you should get around 20RPM or about $800/month in revenue. This is an easy solution but destroys a lot of the value in the website.
2. Sell the spots to advertisers on a monthly basis. I do this with my own blog and make around $30K/year with little effort.
3. Insert video and other advertising into the website. You'll probably max out around 15RPM but you maintain the sites presence.

I hope that this helped you out.