Can Myspace or Facebook help me promote/advertise my business?

[Christiaan]

Yes! Facebook actually does targeted ads, and lets you set your own price per impression or per click.

I would recommend using the per click option, because that means that people are actually getting to your site, the minimum amount to spend per day is $1, but you actually have to have twice that, so up to $2 in reserve, you can put it on hold at anytime, and its easy to setup.

Here's the link:
http://www.facebook.com/advertising/