It depends on how you promote your site. A regular update is must if you want to have a good traffic but it should have a good and interesting content because readers always want something new..
There may be lot of ways to get traffic. But its totally depends on your site. You have to find relevant methods for your site.
For example: If you are going to sell a land or house, caiglist classified will help.
There are lot of ways to get traffic. See below for few tips.
-Directory submission
-Search Engine submission
-Forum participation
-Blog commenting
-Social bookmarking
-Social networking sites
These all the points are truely good to get more traffic without anything to pay.
some more you can also do like:
> posting in Yahoo answers.
> join google group.
> orkut.com
> create a account in craigslist.org
Link exchange is most important to obtain high PR to your site. Each incoming link to your web site can be considered as a vote. The more votes your web site achieves, it will get more importance from Google $ other major search engines .
After your web site has been assessed for the number of incoming links Google will assign a value, called Page Rank (PR), to the web pages on your web site. Higher PR indicating more importance.
During reciprocal link exchange you should try to exchange link with high pr site which will certainly get more Traffic in Your Website.
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