First what these other people who have answered don’t realize is that you need a really good web host. Shared hosting companies will not work because once your exchange takes off and puts a heavy load on their servers, you’ll need a dedicated server or a hosting company that specializes in traffic exchanges. One such company that comes to mind is Zoot Host. http://www.zoothost.com/

Second, if you’re not an artist you’ll have to find a good graphics designer to design your site layout. A good friend of mine is the artist at http://banner-power.com/ She designs entire site / traffic exchange layouts and this is who I will be using someday.

Lastly, you need a good script for your traffic exchange. Most of these are database driven (you can learn it). You purchase the script from a programming company and then upload it to your web host and configure your database. Once installed you have an administrator login and the people who join have user logins. One of the best scripts in the industry for a manual exchange is by a company called Ventrino-Walker. http://www.ventrino.com/

I have a friend who sells exchanges with the hosting, Ventrino script installed, and graphics. He will do as little or as much as you want. Even offers yearly payment plan via Paypal. Just e-mail me through my profile if you want to get in touch with him.

For me, I’m going to try it on my own first and see where it takes me. I hope this post helps. This is based on my experience and my plan on what I will do next year. Look at my links here below. I was even fortunate to get admin rights or partnerships with some of these exchange owners on their exchanges before I am going to run my own. Great OJT training if you ask me.
References :
I am currently admin on these exchanges:

Fairy Traffic - http://fairytraffic.com/?r=58034
Fairy Ads - http://fairyads.com/index.php?referid=holywind
Fairy Ads Blog Post - http://grahamslam.blogspot.com/2008/11/use-fairy-ads-for-effective-advertising.html

I am a Partner on these exchanges:

Treasure Chest Traffic- http://www.treasurechesttraffic.com/index.php?referid=holywind
Network Marketing Toolbox - http://nmtoolbox.net/safelist/s.php?holywind

http://www.sahfor.com/
References :

I visited your site and you have a nice looking website template.

It’s a challenging tasks for most of webmasters to get more traffic to website.
There are hundred to thousands of methods that you can find the tips to get website traffic.

Here is one of them and get traffic instantly:

Post on forums that related to your topic and promote your site through the signature.
Most forums also allow the one posting to have a signature attached at the end of a post. This signature can be used to provide links back to the site and specific pages if it is content-oriented. Always make sure whether signatures are allowed though.

Join the most active forums and you will get a best result.

Good luck : )
References :
More about website traffic:
http://www.road2webmaster.com/website_traffic/index.html

If you want to start your website I recommend purchase your domain and hosting together. In this way it is possible to get your domain for free. Some hosting services offer this gift today.

As an experienced webmaster I recommend BH web hosting which I’m sure it would work for you and fulfill all your requirements. They have a really great offer for hosting & I have used them for over 3 yrs now, and have never had a single problem with them.

You can reach reviews about this web hosting provider and its latest DISCOUNT COUPONS at:

http://www.threehosts.com/reviews/1st

They also offer "Free Site Builder" that helps you build your web pages without difficulty if you are not skilled in using any website creating program. (WYSIWYG: What You See Is What You Get) You can use this service optionally. You can also create the pages offline with your favorite program (DreamWeaver, FrontPage, etc.), and then upload them to your web host. This is another easy way to get your website online.

******IMPORTANT********
* This service was awarded “The Best Web Host OF The Year”.
* If you sign up for this service you will have $75 credits to advertise your website with the google & yahoo search engines for free!
* You Can Register A Free Domain or Use Your Existing Domains. They Support All Domain Names.
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Another useful link:
http://www.threehosts.com/build
There you can find a step-by-step guide to start your website.

Hope This Helps.
References :
http://www.threehosts.com

Nevertheless, should your website or opening webpage
fail to contain "generic" keywords, then anyone using
such "generic" queries will not be able to discover
your website. Your domain name [URL] of your website,
in a sense, will be invisible, undiscoverable.

You may want to consider some simple algorithms which,
when observed and committed in designing of a website
with placement of various critical SEO metatags that can
surely achieve a high search engine presence and
increase Internet traffic to your website. These
metatag strategies work well with published webpages
at Google and Yahoo.

Design: Should you create an extensive Flash-based
website, make sure to fill-in the property entries
such as the Title, Description and Keywords. Failing
to do so, leaves no hard HTML or ALT resource that can
be readily indexed by search robots. Also consider the
Internet audience and their incoming setup. For
example, if they are on analog/dialup, Flash webpages
take too long to load up and therefore analog users
will likely lose interest and discontinue entering the
Flash site. On the other hand, anyone on hi-speed DSL
lines, will welcome Flash pages which load quickly. So
before designing a pure Flash websitge, ask the simple
question, "Who’s my end user - is he on dialup or
DSL?" And if you had to choose between these two users
for maximum marketability, then select analog users
since 80% of most resident users are still analog
Internet subscribers and pure HTML designed webpages
is best for them.

A non-Flash-based website which relies on hard text,
is far easier to be indexed by search robots. Limit
the use of stylized text saved as .gifs since as a
graphic, they are not indexable by search robots.

Avoid use of frames since any number of search robots
are unable to properly classify textual material.

Placement of SEO Metatags:

A ranking or search order does take place with Google
and Yahoo and it begins with the "Title" metag which
should consist of no more than 65 characters separated
by commas. The "Title" should describe in generic
terms, the goods and services, followed by a location
from which the resource is located, i.e., city, state.
The placement of a domain name which is not generic
within the "Title" is not appropriate, unless your
domain name is a major recognizable brand name.

The second metatag is the "Description" which is
usually 25-30 words to form a complete sentence which
best describes one’s goods and services.

And the very last category - "Keywords" are also
somewhat limited to 15-16 words which can be plural
and compound in nature. Again, avoid multiple entries
which could be mistaken as "spamdexed entries" which
is defined as the loading, and submission of
repetitive words into a particular metatag category.
"Spamdexing" when discovered on a webpage and reported
to Google’s spamreport.com can result in the
elimination of your website from their search
directory.

Good luck!
References :
Based on a webmaster article from google.com.