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You can build a free site with index, main and gallery pages, put links to your sponsor AND links to your hubs. As long as you follow the rules of link lists (max 3 links to sponsors and hubs) you are ok.
The best way to learn is to browse link lists and see what other people are doing.
Your second question: yes, it's a hub. You can do pretty much what you like on your hub, have many outside links, banners etc. but stay away from popups, browser traps,...
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