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Hi Michael, Yahoo Answers is a good way to build traffic to your site if you provide informative answers to the questions and not just spam your link even if it is not related.  If you provide an informative answer, you can also include an URL to further answer the question. However, I believe all links from Yahoo! Answers are no-follow.  Therefore, posting links on the answers won't give you the backlink benefit in SEO.  But still good for traffic. Furthermore, if you want your link to be clickable, you will need to become a level 2 user in Yahoo! Answers.

Go back to your keyword research. Try looking for the terms that have the highest volume (Google keyword tool) but are least competitive (look at number of results in the Google SERPs). Create a piece of content for that term and you have much more chance of ranking highly quicker, especially if you submit it to social bookmarking services like Digg, Stumbleupon and Reddit, which can also be good sources of traffic. I'd disagree with Larry - press releases do still have some value, particularly building links into your homepage, even if the just the press release aggregator places the link on their site they are decent white-hat links. There are companies that can distribute your press release to the various aggregators relatively cheaply if you don't have the time.

Thank you guys for your replies. It was precisely getting blacklisted that  I was worried about.