Interested in local market?
If not, that amount wont go a long ways as an advertising budget, so use it as a test means.
Sample out little bits of a lot of things and just see how they play out. Granted advertising is in now way a short term procedure, yet you can possibly get a fraction of feedback and ideas.
Affiliate program, internal and external
ads on webmaster forums
local market? (if interested can go into more detail)
online or local shoutcast/radio ads
many many more
really would help to know target market, goals, timeframe, etc... gl, post any questions you may have.