Here I will discuss some lesser known but creative link building tips:

Submit your sites to award sites- For example you can submit your site on some site, in the best grunge design category. Not only will you get traffic but there is a high chance of getting a good PR link back.

In addition to this, you can give awards. So people will put the badge on their site and you will get link backs.

Write something stupid- People love linking to stupid stuff and make fun of people. The same can be said for controversial stuff.

Link Love- Very few bloggers do some link back. By doing so you can get link love back too.

Q and A sites- You must use sites like Yahoo Answers. Not only do you get link backs but also a decent 10-15 visits per answer on an average. (Answer questions in your niche and leave your site as the source = Targeted traffic)

Trade website/product reviews.

People are CRAZY after .edu links. If your university has a site, you can manage to get a very powerful link back.

I have mentioned a lot about gallery sites and their crazy power of sending traffic. So i won't talk about it in this thread.

Write list posts or how-to's- These posts get linked to a lot.

Interview someone big- I did this on The Dollar Diary and got a permanent link back from Michael Dunlop's blog. I get around 10 visits per day from that page, that too targeted and also a strong link back.

I took time to write this, hope you liked it! Any you would like to add?