Sites using WordPress can use the Quick Adsense plugin to insert advertisements inside the body of a node (before/after specific paragraphs).

How to implement something similar in a Drupal 7 site? Is there any contributed Drupal module that can be used to add blocks of advertising (or anything similar) as part of an input format?

Create a project (module or theme) on Drupal.org details all the steps involved in creating a new contributed module. Part of these steps is about Applying for permission to create full projects. All this may take a veeeery loooong time ... Here is a quote from that (last) linked page:

Please note: there is currently a large backlog of projects waiting review. Projects that haven't completed the review bonus program can take up to a year to be reviewed.

Sometimes these kinds of questions about Drupal come up (typically from somebody new to web design/development):

• How to learn Drupal, and where to start?
• What else do I need to learn for Drupal?

Here are some no-brainers to answer such questions:

• Learn HTML.
• Have a look at PHP, JavaScript, MySQL, etc.

Any other answer for such questions?