SomethingAwful's solution: membership & service fees.
Sell badges.
Sell archive-power, e.g. for US$0.10, you can prevent this thread from being pruned for ten minutes.
SA is pretty brilliant in how they charge $5 for changing your avatar image, something which 99% of other popular forums let you do for free. For $10, you can change another user's title. If you get in a flame war with a guy with ten bucks to spare, he can buy you an embarrassing title/image. You have to either live with that or cough up the $5 to change it back.
This idea is actually very clever. This is the basic concept to make money from free, 1st you solve a problem and generate plenty of traffic, 2nd you indirectly or directly create a secondary problem for your users. This is the part you monitise. According to the variables and the ticks you use to create the secondary pain, will adjust the revenues you make.
That was partly in response to their inability in the late 1990s / early 2000s to monetize their main (at the time) content, which was staff-written longish-form comedy, so they ended up turning to their forum users (initially a small side thing) to provide an income stream. Admittedly, the banner-ad market of the time was also a quite different place, so it's possible that if AdSense had existed, they would've done fine. For example, Google wouldn't stiff you on payments they promised, or go bankrupt owing you tens of thousands.
Via Wikipedia, two articles from the time on SA's monetization woes pre-forum-fees: