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I ask because I have a second website also completely unrelated to my main one but it is high traffic and has a page rank of four (my main one is six). I could just add a link from it's index page to my main site. Would this off-topic linking be significantly helpful? (I don't care about giving away page rank from the other site.)
Do you mean link text and near link text, or something more? I've been waiting for Google to use something similar to 'related sites' and/or following two links back; but I see no signs of that yet.
zeus, in terms of PageRank, it doesn't matter at all. The link text makes a significant difference to your ranking in the results, just not PageRank.
In the middle-to-ling term however, theme or context will become more important in the algorithms of all SE's. So I would still prefer a strategy of 'themed' and 'contextual' links than a mass of links without a common interest.
Depending on the purpose of the site, short term or long term could be the better choice today.