I believe this has been proved before - i.e you can knock a site with low google reputation rank. The above points do however relate to pointing ads at a site - if you are hosting ads on the site then that is a totally different matter as that is totally in the sites control and some people have reported google knocks from hosting ads on their site. There is now a nofollow option for links on your website which seems the most safe option if you hosting ads on a site. Obviously you should exhibit extreme care with anything you do on any site you value!!
I can't positively say yes or no either way. I will recommend that you do not use it as your only form of site promotion as far as backlinks go.