CainIV - 3:39 am on Jun 6, 2011 (gmt 0)
I tested this actually on a throwaway domain in an affiliate space I am in. (I own one authority website, and another with about 100 unique c class relevant links)
The site dropped from page 2 to 7 within two weeks after moving steadily up to the top of page two over time.
Sometimes it might work. Personally, I think the risk of having someone see my backlinks as automated and calculated vs spending time developing great websites and great inbound link strategies always has me chasing and improving part two :)