This isn't really a question about HTML - especially the PageRank part. But there's been a lot of discussion on this in the Google Search forum. You can tap into that by using the Site Search [webmasterworld.com].
Short answer - if there is no other link to the url anywhere on the web, then its content will not be indexed or retrievable through the major search engines. No PageRank or link power (including anchor text influence) flows through a link marked with the rel="nofollow" attribute.