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In your .htaccess you can create a redirect rule:
Redirect permanent /track/15 [example.com...]
Then read your site log file and look for all "/track/15" hits and there you are done.
You will have to build one redirect per external link, and you can write whatever fake url you want, I used "/track/15" as an example.
Hope this helps
[edited by: Woz at 5:10 am (utc) on Sep. 22, 2004]
[edit reason] examplified example [/edit]
Redirect permanent /track/15 [friendsdomain.com...] ?
and this wouldnt matter which of my pages were linking to my friend's website?
You can use that url to track all outgoing links to friendsdomain.
But if you want to track each outgoing link sepparately, then you will have to use a different id for each link.
It is like the service provided by tinyurl.com
In fact you can use whatever you want as a tracking id, as long as you can make it unique just to filter it with a log analisys software.
So, upon a specific search, your site may show in serps with the tracking url and the content of the external site.
So, visitors will click on that link on Google serps and it will write a hit on your log. But visitor will go straight to the external site.
This will pollute your stats and consume server resources. So my advice is to use this as a fast tracking tool and not as a long term tracking tool.
So you will have to write a robots directive to prevent googlebot from spidering those urls.