Google Bombs
     United Kingdom, Feb 22 (2007)

According to Wikipedia “A Google bomb (also referred to as a 'link bomb') is Internet slang for a certain kind of attempt to influence the ranking of a given page in results returned by Google, often with humorous or political intentions. Because of the way that Google's algorithm works, a page will be ranked higher if the sites that link to that page use consistent anchor text. A Google bomb is created if a large number of sites link to the page in this manner.”

How does it work:
A webmaster decides that a web site should have a top Google ranking for a special search term. The webmaster links to the web site with that search term and asks all of his friends to also link to that web site with that special search term. His friends also link to the site and they ask their other friends to link with that search term to the web site, and so on.
Now that many different sites link to the web site with that search term, Google thinks that the web site must be very relevant for that search term.

The most famous Google bomb is the miserable failure Google bomb. For several months, the official home page of George Bush was the first result on Google for the search term "miserable failure".

What did Google do about the Google bomb problem?
"These pranks are normally for phrases that are well off the beaten path, they haven't been a very high priority for us. But over time, we've seen more people assume that they are Google's opinion, or that Google has hand-coded the results for these Googlebombed queries. [...]
So a few of us who work here got together and came up with an algorithm that minimizes the impact of many Googlebombs."
That means that most Google bombs shouldn't work anymore.

It’s effect on your website?
Inbound links are very important if you want to get high rankings on Google. A web site can only get high rankings on Google if it has a good number of quality inbound links in addition to good content. If the links to your web site have an unnatural pattern then Google won't count these links. If you get many links with exactly the same anchor text then these links might be interpreted as a Google bombing attempt. So it becomes very important that you get right inbound links to your web site.