How desparate are you to get people to read your blog? There must be a lot of desparate bloggers out there if a new service called Blogexplosion thinks it can sustain a business. Claiming it can get “hundreds or even thousands of other bloggers coming to read your blog every month,” the service hooks you up with other bloggers who will agree to read your blog if you read theirs.

Touting itself as the Internet’s first “blog exchange,” Blogexplosion employs a number of gimmics to build its own traffic. For instance, every time you refer another blogger to the service, “you receive 10% of the traffic they generate five levels deep.” It must be too early and I haven’t had enough coffee, but how that one works escapes me. Business 2.0’s blog says, “I get email from Nigerians that sound like that.”

Blogexplosion does offer complete blog traffic tracking and a blogroller utility. And banner ads. We’ll see. Combining viral marketing and social networking to drive blog traffic is an interesting idea.