Blogroll? Hard code them into your template? Most people choose the blogroll option for adding external links.
I think what you're referring to a blogroll. Usually a list of external sites listed out in a sidebar. Other than that, the alternative would be to add a static page with the links (rather than a post). I know this is an option with WordPress. Good Luck
It would be called as Black Hat practice and google might de index you. So better think twice before doing this
You can also add external links under footer with something like text with support by,friends etc. DON.