I read this site during breaks at work sometimes, and sometimes the colleagues or customers walk in and see the banners full of scantily clad Asian women advertising themselves. I have no ethical issue with this but find it may bring my professional credibility into question so I'm curious if there is some way to get other ads being displayed. Any Google Ads (or whatever the site uses) geeks out there? Hell if it were to bring ads more suitable to me I'd probably click.

Ads generally will reflect your browsing habits. If you browse or have recently visted those kind of sites that coukd be the answer.
Other factors are geo location ads, based on where you are (ie in Asia ?)

I keep getting pop-up ads for Swedish penis enlargers and I definitely have no interest in them 

You can adjust your ads settings here:

http://www.google.com/settings/ads