It doesn’t work that way. Although, you could get links from blogs when you first link to them. This is because:
#1: They’ll think of you as being generous. If you link to their blog, why can’t they link to yours, right? But it doesn’t work exactly for mega or giant blogs who have thousands of authority links pointing to their blog already. This strategy would work on small and medium blogs some times, but not always. At best, link out, Google will see your blog as being trustworthy if you link to other authority blogs, and especially if you’ve got some rocking content on your blog.