If i wanted to rank high on google for "wet panties"
 

Would I put the term "wet panties" on my pages 20,000 times?

Or would it be better to have 20,000 inbound links to my pages with anchor text "wet panties"?

Ok, maybe I am exaggerating and over simplifying SEO, but what is better? Text or links?

Buy some Google stock and you'll rank high!

Check out http://www.seochat.com some good resources there

Check out the page of the guy who ranks #1 for 'wet panties', and you might learn something :)

20,000 incoming links would give you better results then putting the keyword 20,000 times on your pages.

Best bit of advice in a 'SEO' thread here for ages. Amazing how many people don't think to do the obvious :upsidedow But then most who check a page out wont do it properly anyway so will learn nothing.

If you use the keyword 20,000 times, you will probably get penalized for spamming.
Try anchor text inbound links.

Also place the term in your title tag along with other relevent site keywords. No more than 67 characters I think it is.

whats google?