search engine bots and javascript

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Do search engine bots follow or index links that are shown on a website
with blogrolling scripts like this one?

<script language="javascript" type="text/javascript"
src=" =

I need to show certain gambling and paid to blog links but I don't want to
take a penalty from google for doing so.  I would put rel="nofollow" on
them but that isn't allowed in this situation.

I just want to show links that people can see and click, but that SE's
won't follow, index or even see.

will that work?  What about an iframe?

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