There are still a bevy of active picposts out there and they still send traffic. Even better is that this traffic is highly productive, so even if it's a small amount, you'll get lots of click-throughs. I rank PP traffic well above LL and just under SE.
First thing you'll need is a few sets of content. If you're just looking to promote a sponsor, use their content if it's allowed (if not stated, ask... usually they have no problem with it). If you're looking to push traffic into your own matrix, buy your own content. I like Scan-Media.net for inexpensive content, plus you can pick-and-choose which pics you want to buy, don't have to buy the whole set.
1. Watermark all of your pics with your URL. (Don't do this to sponsor content.)
2. Make up a few simple banners, standard sizes (468x60 and 468x80) to promote your site.
3. Make a landing page for the traffic. This page will be where you put the PP recips, a big ad for the sponsor if you're pushing a sponsor, and catchy bleed-off links to your main page. If you're not pushing a sponsor you can land the surfers right on your main page and just put the PP recips on a links page.
4. Submit at least 2 pics per day (3 is better if the picpost allows it) to each picpost. Stagger the submits, don't do them all at once. Set it up more for a morning/afternoon/evening schedule so you catch the surfers in different time zones and different surfing habits. Use something like Roboform to fly through the submissions.
Your hardest part will be building a big list of picposts... and actually it's pretty damn easy. The only folks who don't make it through this part are the ones who are unbelievably lazy.
First, start with a picpost that you know of. Click on the pictures, go to the landing pages, and look at the recip links those webmasters have posted to other PicPosts. Visit those picposts, find the submit pages, and add them to your list.
Here's a few to get ya started:
http://www.oneclickonepic.com/http://www.richards-realm.com/picpost/http://www.thumbs-up.net/ (TheHun)
http://www.picpost.com/Secondly do a search through the Pond and BetaBrigade for picpost, pic post, and picposts. You'll find some more places to submit to. In Beta Brigade there's a number of people who have set up picposts over the past year and haven't advertised the URL out here in the Pond.
Third, hit up Google. Again you'll search for picpost, pic post, picposts, and picture post. Go through again and add your niche onto the search.
Every time you find a new picpost to add to your list, do step one again and see what other picposts the submitting webmasters are also submitting to. Add any new ones you find to your list.
Finally, consider adding a picpost to your own site! There are a few free picpost scripts out there, there's lots of picpost submitters ready and waiting in Beta Brigade, and you can always keep the submissions closed if you want and just use it to promote your own sponsors and sites.
*Tip 1: Give every post a different keyword-rich title. DIFFERENT!! Take a look at OneClickOnePic today. Look at all the posts there are with the same title. The surfers see this and think it's the same pic posted over and over and don't bother clicking. The webmaster sees this and considers it spamming. Use a different title each time!
*Tip 2: For Richard's Realm and TheHun you'll need to make thumbs of the pics. Pain in the ass but well worth it, as these two send lots of traffic. Just use something like FastStone Image Viewer or Arles to cycle through your pics in a batch and make thumbs.
*Tip 3: Don't use your main email account for your submissions. Like with linkdumps, you'll get a lot of junk and spam on the addy you submit with, so do it with a throwaway account or one you've set up specifically for spam.
If you've ever surfed around a genuine amateur girl's site, you've seen what I'm talking about. Usually when you close her site, lol, but also on a "Friends" link somewhere in her tour.
This isn't a page where you list off a bunch of text links and hard link trades with other sites. It's a page of thumbs, usually close-ups of solo girls, but you can do thumbs of anything... any site you have, any sponsor's site you want to send some traffic to.
Lemme find some examples...
Traditionally, this is what a friend's page would look like, only without all the extraneous stuff on the sides. Just the thumbs:
http://www.clickforbabes.com/free_babe_photos_.phpThis one is a different take on it; Jen isn't using this as a traffic trading page but it's a nice layout for a friends page and could work well:
http://jenuncut.com/t1friends.htmlNow normally what is done with these friends pages is that you use a toplist script and let other webmasters submit a thumb to you and trade traffic through the script. You can do it that way, or you can just build a static page and not worry about tracking the traffic or rearranging the thumbs according to hits sent in.
It's very easy to setup, and very easy to fill up a page like this. Just make a thumb for the site you want to promote and plop it into the page (or script). The new solo girls sites at CashUncovered are perfect for this. To push your own sites/portals/etc just use some of your own content that you've purchased. They're slick and quick to build.
What to do with it once you've built it?
Well, you can link to it from everything you've ever built, of course. You can linkdump it. You can submit a thumb representing your site to one of Kamilla's many "ClickFor
" toplists and then use one of her thumbs on your page to send traffic back to her (just be sure your site has some actual content and isn't just a banner farm). You can pop it as an exit on nearly anything you build. You can offer it as an extra page on your free sites and AVS sites. You can send your 404 traffic to it. You can trade traffic with other amateur webmasters through it. You can even trade traffic with other webmasters who are -or aren't- in the same niche but who have portals or good freesites, etc and their own friends page.
Mainly though if you've never done this before, I would focus on looking over Kamilla's toplists (like ClickForBabes.com), picking some that match your niche, and then get listed on her toplists. Build a friends page of your own and put her thumb in the top left spot, then fill up the rest of the page with thumbs to your other stuff and your sponsors.
Once you've got that done and you've got some traffic running through it, then you can go looking for other friends pages to trade with and add them into the mix.
*Tip 1: Standard thumb size for friends pages these days is 100px wide by 150px high. No animation, no watermarking on the thumb. Make it a good close-up shot on the thumb that either really shows the girl well (if a solo girl) or is a great close-up of the action in the picture. No far-off shots just resized to be a thumb.
*Tip 2: When you've got some time, surf around some true amateur girls' sites and study their friends pages (you might have to close out of their site to see 'em, but if they're listed on one of Kamilla's lists then they've most likely got one somewhere). The amateur girls have been trading traffic this way for a decade and they have it refined to an absolute art. There's lots to learn there... just ask Kamilla or Sabby. 
*Tip 3: Don't forget to use alt text on the thumbs for the SE spiders and put small text links under or above the thumbs featuring the girl's name or a keyword.