If your profile field is profile_newsletter, your :
<?php
function mymodule_get_subscribers() {
$query = 'select * from {profile_fields} where `name`="%s";';
$result = db_query($query,'profile_newsletter');
$field = db_fetch_object($result);
$user_query = 'select * from {profile_values} where `fid`=%d and `value`=1;';
$result = db_query($user_query,$field->fid);
$subscribers = array();
while($subscriber = db_fetch_object($result)) {
$subscribers[] = $subscriber->uid;
}
return $subscribers; // Your array of subscriber user IDs
}
?>
This code was quick, is untested and should probably contain a few sanity-checks. But it should work.
For the sending of newsletters and such I'd recommend using a pre-rolled module. I haven't tried any for Drupal, but Simplenews seems to do the trick. http://drupal.org/project/simplenews
If nothing else it probably contains a good sending-function. Otherwise just use PHP mail()-function.