Is it as simple as writing an interesting article/post with shock value and then posting it on Digg and other sites? What are the steps?
ProBlogger answers all: problogger.net/archives/2006/09/19/an-introduction-to-linkbaiting It's a series, by the way. There are three posts, the first of which is located at the above link. At the end of the post, you can find links to the other two.
Write post that is about popular topic or controversy and get it listed on some social bookmark sites and rss feeds or articles sites