Is this possible with IPS and if so what would be the steps i take?

Yes:

ACP->System Settings->Ad integration then all you have to do is add the ad code :)

Yes:

ACP->System Settings->Ad integration then all you have to do is add the ad code [img]

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They default to left-align with no margin when you put the code in raw, so you'll need to put them in a styled div too.

And if you want ads in other places you can edit the proper template to add the placement.