I know this seems like a cheesy way to generate higher search rankings but lets say I have created a website that provides myspace images and trinkets. In theory if I were to post comments linking to my website on all other people's myspaces I would get higher Search engine ranking because one main factor in the algorithim is the amount of pages linking to my page. What do you guys think?

No you wouldn't, because Myspace puts redirects on all links.

Ie,
If you post your link it will be converted to:

<a href="http://www.msplinks.com/{randomhash}>Yoursite.com</a>

Do a google search and read about msplinks

All myspace outbound links are now redirect links and have been for months.

Even without the redirects, another thing to consider is that Google's algorithm is known to discount links if it finds a ton of them on one domain.