Okay so I've already decided that I'll use this page to promote my fb apps and website... but what else can/should I use it for?
Well depends on what the page is for but I would try something thats similar to the facebook page like affiliate sales. if its about music promote ringtones if its about doritos chips promote food coupons ect.
When you update the status it will get posted on every single persons wall so that is super powerful.
I know that, I currently have started selling some of those posts. But that's not all I want to do with it, any other ideas?
I'm certainly no expert but it sounds like with 1.4 m friends, almost anything you would put up would have great potential. As stated by others, affiliate marketing sounds like a natural.
Wow you want to direct them to CPA offers from CPAlead.com or others like that. There is a huge amount of $$ in sending facebook fans to CPA offers
Don't sell links. Don't rent links. Don't advertise stuff that's not relevant to the content of the page. Having 1.4 Million fans will do you very little good if 1.38 Million of them get annoyed and hide you from their news feeds. It can be done with a single click. I do it all the time. I don't have the stats on this but I'd imagine that the average Facebook user has far more of their "liked" pages hidden than visible. So just be careful. You have a great asset there if you use it properly. Screw it up and it'll become useless very, very fast.