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Mind you, I would never use this tactic for any reason whatsoever, as my expansive moral code prevents me from ever manipulating search engine results for any reason at all.
They will strip links from your content, but they will only do so at a very basic level (say, an exact string match for "<a href=" or so).
Lots of possibilities.
Sending them on wild goose chases around the world and making sure that their database/link connections (their data for profit) get polluted and skewed with wild, imaginary “SEO connections” and other junk, that was never as the real internet link-up intended.
The trapped ones also end up in tar-pits that slow them down to pure randomized slow motion so I can watch them in peace doing their dance. Only “good bots” survive visits to those sites. I am just saying…
Some of the bad crawlers can be kept busy “scraping” for several days at a time, with not one stitch of valid information resulting in their databases for all that work..
A theoretical tactic that you could use to leverage bad bots is to distribute content content that links back to your site. Not the same content that appears on your site.
Not in the post-Penguin world, you can easily negative-SEO yourself into a ban (pardon, "manual action") if you start feeding your links to bad sites like that.