Lots of different linlabels with the same keyword = penalize by google

Is this possible?

[baron13]

If I own a website and I link to lots of other websites from the main site (index) and if u use the linklabel "widgets"

example: <a href=http://www.widgets.xyz>widgets</a>

and I link to 10 websites always with the linklabel "widgets" and my own site is a website optimized for "widgets" too, will I get penalized by google? because my keyword density for "widgets" is too high?