What is Linkbuilding?
Linkbuilding is the art of generating links. Specifically getting other websites to link to your website(s).

Why is it done?
The more links your website has, the better your chances of ranking well in the SERPs.

How is it done?
You build links with research and hard work. Usually a lot of research and even more hard work. You could go against the Google Webmaster Guidelines and try your hand at what we in the industry refer to as black-hat tactics, but it is not something I recommend. In fact, I discourage it.

What is the best linkbuilding strategy?
That would depend on what who you ask. I always say,

“Link to good places, and good links will happen to you”.
-Christopher Wendels

DoFollow - The Road Not Taken

I was just over on another blog with two things worth mentioning. The first is that the site uses a WP-Plugin called commentluv. (today we also define irony)

The 5 Reasons Why We Link

I love linking. I link to lots of places all the time. I have yet to turn down a link request that made sense. Sometimes it takes me forever to get it done, and sometimes I’ll forget, so I need to be reminded, but I’ll always link in the end. PageRank | Link-Juice | Popularity [...]