Ofcourse. That's what most link sales people out here in DP does. But the number of links is the important factor as it will degrade the quality of links on your blog.
For example if i put a link to your site on my blog ,how will this help you ?Will this help your SE0 ?
You'll probably find the following blog post helpful, it explains the answers to your questions in quite some detail - http://www.bloggertoblogger.com/index.php/topic,7.0.html