Is it possible to out rank site with 160,000 back link?

Now the French webmaster entry have been move to the first slot of the keyword busby seo challenge , after pogung77 being in the top for almost 2 weeks. The question now is it possible for us and other competitor to out rank a site with more than 160,000 back links and still growing very fast? It’s now the battle of PR 5 against PR 0 sites plus the fact that they have lot of back links.

I am wondering how this site get this number of back link in very short period of time, almost 3 months and get 160,000 back link wow that is amazing. I have been heard before that to fast building of back link will cause your site to be penalized by google. This is a good proof to all those claiming and shouting this theory that it seems that their theory is not true.

Other webmasters and so called experts also insisting that link from a site with multiple pages is considered only as on link which I strongly opposing, I do believe each link is still and counted as a link. And it seems this is true, because there are back link of the site at rank number 1 which came from site wide link of sites with huge number of index pages.