Legal idea to make $$ with Youtube?

I just had this idea.

I have a youtube account where I basically put on vocal/guitar covers (and original stuff in the future). I have a 720p camera and awesome audio recording gear. Over the last few weeks I've learned a lot on how to make the vids more appealing to the audience, and use "services" for more traffic, collaboration with other people, etc.

So ultimately, my goal is to have a ton of people (subs) actually liking the channel and the content.
I know that I will succeed in this, but my question is;

What would you do to make money out of this scenario/in what would you invest?

Thanks for teh contributin'.

 

Sell ads just like the TV stations.

I know people doing this and I think is is very scalable.

PM if you want to chat about it.

 

Alright cool! P*M'd you.

 

If people really like the music then you could upload the mp3's to sharecash or something.

 

Become a youtube partner and place ads on your vids. I've heard that people earn good from that...

 

Offer them video and mp3 for download and put zango/adscend media.
Youtube partner program will bring you peanuts.

 

Those popular guys you see on youtube are earning over 1k daily with it, you can't say it's a peanuts.