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The current wisdom is that it's very hard for a competitor to hurt you by buying links on a link farm; most likely the link farm links are just gonna be ignored by the SE's.
As for the Y link:
Keep in mind that just because the link is from Y, that doesn't mean the link is all that important. If one link from Y changed my PR, I'd worry. ;-)
One caveat: It is possible that if you don't have a lot of other links in, the link farm links plus the Y link may make it appear as though you're on a link buying rampage, but I raise that only because it occurs to me, not because I believe it's likely. And in any event, the cure is - as always - to go out and get more quality IBL's.