Write Articles.
Chances are, you're reading this article on somewhere other than JeremyMorgan.com or Webfoot Central. That's because I submit articles all over the internet. Not only do you help build backlinks, but you contribute to your community, and make a name for yourself. Don't write spammy articles, or try to advertise too hard. Make something useful that others will want as content on their own site.
Issue Press Releases.
I can't really comment on this one too much, because I've never done it, but for some sites it's a very useful tool for getting inbound links, and good publicity. Make sure you have something going on that's worth talking about!
Blog, Blog, Blog
Every site needs a blog. Even if your site is primarily about selling widgets, have a widget news related blog. Individual articles will get people linking to them, and will keep your site fresh and add content, which google and other search engines love.
If you must, sponsor some links.
There are a few sponsored links worth getting. Yahoo Search Inclusion is one example. If you are in a highly competitive industry, such as adult, SEO, mortgage, finance, or gambling you will need to purchase links to get an edge. There are a lot of people competing for your terms.
Conclusion
Use common sense. The best way to get ahead is by being honest, and providing a decent service. Stop trying gimmicks or tricks to cheat your way into good rankings. The best long term SEO plan involves taking the high road and doing things honestly. Check out the SEO book to see what I learned about ethical SEO. Now I don't have any problems getting people to my website. You can too, all it takes is a little effort!
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