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The problem is, this keyword is only contained in the extension. If for example my KW1 is "widgets" and KW2 is "gadgets", this URL would read www:xxxwidgets.com/bluegadgets.htm. Can I successfully optimize this page for "gadgets" or would I be putting myself at a disadvantage?
If for example you have a number of common two word keyphrases where one word is always the same like "software" in custom software, tracking software, accounting software, database software, and/or multimedia software then your best off-site external link anchors would be "software".
This would be highly relevant to each of the above topics and all will improve as each new link is added.