how should a newbie get started with affiliate marketing? What steps do u suggest and what are the ways, and prospective income he/she can generate in how much time?
First off, you should know that almost everything in this thread is wrong and/or a deliberate lie. This forum is not nice to beginners. PPC-Coach.com has some nice forums where you can ask beginner questions without getting gang raped. IMO is is worth the $50 a month fee.
Most of the blogs named in this thread are a waste of time.
Nickycakes.com - Reformed Blackhat has good resources for beginners and won't waste your time with useless crap.
You shouldn't be spending more than a month doing research before you start, anything more than that is a waste of time. You need to learn what to do and then start doing it if you want to make it anywhere.
As for how much income is possible and in what time frame, that is entirely up to the individual. People have made >$100 a day from their very first day, some people never get anywhere for years.
It all depends on whether you suck or not. awesometbn and cchap in this thread are clear examples of suck.
One word of advice, don't waste your time reading about SEO. SEO is a way to take a very long time to make almost no money. You need to be learning about how to use PPC advertising from Google, Yahoo, MSN, MySpace and Facebook to promote offers on CPA networks.