From my understanding a website would something you'd setup to try and sell products or just be an informational website about an offline business showing what services you offer etc.
A blog would be where you would constantly post content helping people searching for a way to solve a problem online.
You can make money from blogging by selling affiliate products, your own ebook or even advertising either through direct advertising sells or through advertising networks such as Adsense or media.net
If you're looking to make money from online content then it's best to start your own self hosted wordpress blog.
Wordpress is very easy to update and add content too.