Welcome to the Q&A Forum

I know that the links listed in WMT are not all, but the download excel, which is so much bigger, I think might be....I am sure I saw Matt Cutss say that in a video somewhere. Anyone else know the video or blog post I mean?

In the eyes of Google, your website is no better than the destinations of your links.  So, if you have lots of links to spam then Google will think that you are a spammer.  Linking to manipulative sites puts you squarely within their web. So, if you want to be trusted by Google you need to be liking to great sites.  I link out a lot and only link to site that are clearly superior to my own.  I have no problem with sending a visitor to a website that has better information about a topic than I have - because that is why my visitor would want and that is what Google is looking for too. Those links to better website make my site a richer information source.

http://www.youtube.com/watch?v=mY9h3G8Lv4k

Matt, If I knew that AOL labeled an IP address as a spam oriented IP, I would move my sites TODAY. In my opinion, if AOL has an issue with a site, even though AOL does not have the prominence it once did, I have to believe Google and Bing do too. If you have a lot of spam coming from one IP they can block the entire IP. Even though your site was not spamming you are down.