One common mistake I see people making when they first find out about many web 2.0 traffic gen strategies is that they overdo things and put themselves at risk for getting their site banned in the search engines.
Anytime you want to go experiment with any web 2.0 strategies, be it for linkjuice to your site, or simply for traffic, you should not link directly back to your site. Instead you should create subsites using seperate domains, and point everything to that. You can than do whatever you want with that domain to direct that traffic to your main site.
Don’t want to go buy a domain for seperate subsites? No Problem.
You can signup at many web 2.0 services which are ranking really well such as Squidoo or Hubpages and use the page there as your subsite. Of course, use the keywords in your url, sprinkle your keywords in the page, use decent content…all the regular seo focuses.
Once you have your subsite, you can do your link building and traffic directing to that subsite. So for instance, if you post a video on youtube, you can direct people to your page on hubpages, which then focuses on getting the customer to your main site. If something would happen and a search engine would put a ban on your subsite for "abusing" something in their algorithm, your money site will be safe, and you will just lose your subsite.
So build links to your subsites and split things up, this will keep you safe incase anything would ever happen. Then when everyone is complaining on the boards about some new google slap or algorithm change, you can be laughing yourself to the bank like usual