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I think a really simple way to generate a high level of search engine traffic would be if you built an online dictionary. If you structured it well you could appear in a vast number of search queries. Just because you're not competing with dictionary.com isn't really the point, you would still get lots of traffic.
This would of course be a great name for such a website.
I agree with revsorg - build an online dictionary, then find something unique to add to it that dictionary.com doesn't have.
Maybe allow other webmasters to do remote lookups on your dictionary via scripts or something, so they can take advantage of it on their site in return for a link? This would help build the search engine ranking. Add crossword puzzles, word-of-the-day mailing lists etc as well.