sim64 - 4:30 pm on May 8, 2012 (gmt 0)
I just pointed mass links at the page using an exact text anchor link, and an exact Alt attribute link from an image.
Text link used one phrase, Alt attribute used another phrase, the page bombed for both phrases. (same word was in both phrases though, so not a very well controlled experiment)
I initilly had around 200,000 links going to the page, with little change, pointed another 300,000 (mainly sidewides) all at the same time and it dropped within a week.
1st site is approx 18 months old and had some good rankings
2nd site is over a decade old with quite a bit of history behind it, used for early SEO competitions and has previously had a -30 penalty.
Links have now been removed again, and surprisingly the 2nd site seems to have recovered.