Step 1: Do Your Homework
You can't get thousands of qualified link backs to your site by spamming every webmaster you can find an address for in one weekend. (Believe me, I tried it. It doesn't work.) A more successful method is to choose a handful of sites that you would really benefit from having a link on their site. Study the site. Read the content. Figure out how your web site relates and where your link would fit in. Note: If there is a link on the site for submitting a URL use that instead of the contact email.

Step 2: Construct the Request
Creating a professional and successful email for a link exchange request can be tricky. Webmasters, especially ones with high ranking sites, are hit up for link exchanges daily. Your link exchange request will go straight to the trash if you don't construct it just so. Here are some tips for constructing the request:

Be Professional- Above all be a professional. Use full sentences. Do not misspell words or use poor grammar. This instantly discredits your site.

Be Polite- You are asking a major favor of this webmaster and you had better ask nicely and 'kiss up' as much as possible.

Be Concise- Remember webmasters are busy, already have their finger on the delete button, and don't want to waste time on link exchanges. Your email should be quickly scanable by the reader.

Make it Easy- Make linking to your site easy by supplying the necessary code and sample text in the email. Suggest URL's you want to be linked from. Don't make the webmaster think or work harder than necessary to add your link.

Bribe and Flatter- Webmasters will be much more receptive to your request if there is something in it for them. Reciprocal links, exchange services, affiliate programs, and payment are tantalizing offers for webmasters. Your link exchange request will be much more successful if you make it worth their while to link to you.

Step 3: Be Patient
Do not expect immediate results. Webmasters are busy people and may not have time to add your link the minute the email hits their inbox. Give at least two weeks before considering another request. If you choose to contact a webmaster for a second time reread their site. Think again about how your site relates and suggest another location where your link would fit in. Don't send the same email twice. It will look like spam. Reconstruct, send, and move on if you don't get a result the second time.

If you need help constructing the email, below is an example of an effective link exchange email request. If you can be even more concise and to the point than this, great! But this will at least get you started in the right direction:

[Webmaster Name],
I visited your web site, [Web Site Name Here] and found great information regarding [Insert Very Specific Subject Here so they know you really read their site- do not be vague or general or you are trashed!].

[If you have added a link to their site already, mention it here and give the URL of the link - ask them to approve your link to them or to recommend editing suggestions]

We have a web site dedicated to [Your Site Topic - special points of interest].

We were hoping that you'd consider linking to us and invite you to review our site at your convenience.

[If you have something to offer them in return, e.g. reciprocal link, banner ads, exchange of services tell them about it here.]

If you determine that a link to our site is appropriate, please add it at your discretion. May we suggest the following link and description:
[Your site name and URL] - [Your site description - keep it brief and focused, no fluff]

Please feel free to contact us at [Your contact details] if you would like to discuss this further.

Thanks!
[Full official signature lines here]