check out shoemoney or problogger sites and you'll learn quiclky about how linbaiting can get you untold SERPS.... otherwise search for "John Chow" and read up...
You ready the bait(something worth for linking - comic,interesting,helpfull etc) and the fish swallows it.
There's actually Matt Cutts wrote a great article about it http://www.mattcutts.com/blog/seo-advice-linkbait-and-linkbaiting/
Nope. It's not. It is about having a good idea, and that people links to the article or whatever the good idea is about - of their own free will. No forcingf involved, just plain quality content worth linking to.
bait= i got you to come in article or content link= i will link to that yummy bait article or content