search engine bots and javascript

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="http://rpc.blogrolling.com/display.php?r=
05f34894330abab8e32e0636d3bb041f"></script>

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?