That's An Easy One
At my place, I often like to use the author's name first and put the link there. But I will also float it around. Much like the Tennessee General Assembly, there's really no rhyme nor reason to it. At other blogs, and perhaps it's my short attention span, if a link is placed where it doesn't tell me something, then my eyes will move on. For me, links are like the toys in the crib meant to catch the baby's attention.
It's not exactly rocket science.
Whatever you're linking to, just be sure include the phrase "naked college girls playing volleyball" in your blog post, and use it for the link.
UPDATE 1/17/09: Case in point.
Any guesses as to which link on my front page has been my #1 ranked "out click" for the last 24 hours?