If you have a small link exchange page or you’d rather not bother with uploading scripts, you may want to use this freebie I found:

Link Hunter

LinkHunter is to verify if the links you got on web pages are still there. The software will load the page and look for the href=”www.yourdomain/pagename.htm you specified. It allows you to verify all the links you entered in your database automatically and will give you a report with the success or failure looking for your link. You can then go to the failing entry and click on the ‘Page to look’ label to open and review the pages that failed.

It’s a free program that you install on your computer to check your recip links. The nice thing about it is that you can check all your websites link exchanges in one place.