Starting a watch site

So ive decided I want to make my first mainstream venture. Well actually, my second. the first one isnt done and im not sure when it will be done. hopefully in a couple months, though miek is pretty busy. my next one is with, well i dont want to say, but im in the talks of buying an existing site now and doing some re-design and linking up. i think with my se knowledge, i could do a lot better with the site than it is doing now. i dnt know traffic numbers or revenue, but my guess is it is kind of low. just ad sense on the page. anyway, the domain name is good and probably the best i can get. hopefully thsi works out. i need some new stuff to work on.