3 Way Link Exchange

We all have heard of link exchanges, but what is the best way to do it? One of the simplest forms of exchange is asking someone else's site to exchange links (2-way link) to your site. This has worked in the past, but google has caught up to the scheme and the latest exchange idea is called 3-way link exchange. How does it work you ask? The best way to think about it is to assume that you have two websites (one w/o a page rank (site1) and the other a high page rank (site2)). The idea is to get links to your site1 site by leveraging your site2 site. Let's say you want to exchange site1 links with another site (site3). With 3-way, you would link site2 to site 3 and then site 3 in return would link to site1. Sounds complicated? It's really not if you think about the real purpose behind the shell game. The idea is to fool google so that it can't determine the relationship between the sites and make it seem like the links are natural (i.e. result appear to be 1-way links). Right now, I'm negotiating with someone (PR4) to link to my PR2 site (Ebook Reader Guide) and see if that will improve my page ranking. Try it out yourself!