WordPress.org is where you download it and WordPress.com only disallows adsense. If you host WordPress for yourself, then you are free to do what you want with it.
You could market the directory on webmaster forums like this one and DigitalPoint. I agree with sensovision, target a specific niche and cater to them. If you allow them to submit their sites without forcing reciprocal links, they are more likely to recommend and use your directory.
I'm sort of leaning towards a programming forum, since there aren't too many out there. I'm a learning programmer, myself. But creating a community around it hardly requires the knowledge of it.
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