I recently came across a site that does the same. You get free banner promotion for your site and its absolutely free. You get a backlink to your site and also free traffic. In return, you are humbly requested to put a backlink for them, but don't worry; your banner will not be removed if you don't.
The implementation process is very simple and quick. You need to fill up a small form as you see in the screen-shot below. If everything goes well your advertisment will be up and running within 24 - 48hrs.
If you are all set to go for this free promotion, make sure you are ready with an attractive GIF or JPEG banner of 172x86 pixel. This is the exact dimension required.
Your promotional link should be pointing to a webpage which should begin with http://
Take your time to finalize an appropriate banner, cause once the banner goes live, you will not be able to change it. You are allowed to delete it though.
Check out the site HERE
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