My latest SEO "project: worked quite well and this is what I did: built 5 Web 2.0s with unique content, blasted them with all kinds of 2nd tier links (waited a week just to make sure that none would get deleted), built bookmarks to the money site (used even low quality sites, something that I probably shouldn't have done), built web 2.0 profile links directly to the money site (not forum profile links), built do follow wikis directly to the money site (span content, again unique would've been better), and built thousands of 3rd tier profile links. Used pretty good variety of anchors in order to dilute the main keyphrases and used a lot of "click here" "click this link" "check this site out," etc. generic keywords.
As I said, it worked well, but will it work tomorrow or two weeks from now? That I can't promise