For example, let's say I'm thinking of making a blog about the TV Show 'Heros.' Now if I have links to the episodes (they aren't hosted on my site, I'll put a disclaimer), am I allowed to show Google Ads? If not, is there any Ad service that I may be able to use? Thank you very much for your help.
Yes you will get banned sooner or later (or even not approved if you don't have account already). Google doesn't care if the files are hosted by you. You can monetize your site offering banners, etc. directly to advertisers.