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Just get your ad sense account created. Then I believe you have to apply to be a YouTube partner. It's been so long I sort of forget how the exact process went, but you'll find all the answers in your YouTube account.
Then you just click the monetize video link beside each of your videos and that's it. YouTube will automatically place the ads.
What you'll make is going to vary but I've got a video with a little over 50000 views that has made $80 and one around 100000 views that has made $336. So as you can see the ad revenue is going to vary a lot depending on the content of the video and what ads get placed on it by YouTube.
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