I assume you're referring to managing a mailing list using software on your own computer or server ... right?
My advice? Don't do it! Nearly all reputable ISP server systems around the world will blacklist your ip if you start sending out massive mailings using a non-commercial mail server.
Your best best is to use something like Aweber. They already have the inroads necessary to get email delivered with a lot less hassle.
The cost is worth it, believe me!
Best,
--JR