LOL - back in the day people would go submit all of their affiliate links and see how many would stick. I don't see it so much in Google nowadays, but on MSN I have affiliate links that rank well for certain terms.
I did not submit them, but the term is close to the target text I use when I make a text link to the advertisement. On some keywords, that I really tried to optimize for it makes me laugh 'cause my affiliate link pops up over the page I have it on - which makes sense I guess because the sponsor has a higher ranking site than I do.
I do not feel like it is a long term strategy, but yes it is possible in MSN. Like I said, I'm not seeing that in Google any more. Maybe you are.