Ä Benefits of exchanging links are that you can get traffic from other sites and most search engines take into account who is linking you to help rank you in the Search engine list so a site with more links coming into it from relevant sites will theoretically rank higher than one that does not get many other sites linking to it.

Ä To start out you might just manually add links and hardcode them into your website.  However depending on the type of site you have and the number of links you list you might want to consider investing a in a script that helps to manage the links.  Scripts vary in complexity from the simplest that will list links in different orders and check to be sure the sites are returning a link to your site to more complex scripts that can automatically add new links, check validity, rank by any number of criteria, and more.  However when using scripts to list links it may not be 'search engine friendly' so that needs to be considered.

Ä Hard links - Term describes a link that is hard coded (or appears static to search engines), mostly used in relation to building search engine popularity.

Ä LE scripts-  Scripts help to automate link exchanges by allowing people to submit their own links, check to ensure they are linking your site and rank the list of links.

Ä A-B-C - Link exchange in which you link site A to site B and site C links back to you thereby making it appear to search engines that you have incoming links that are not reciprocated which in current theory might help your SE rankings.