This is a question that I see so many times in forums that it seems that there must be somebody somewhere trying to scare people by this.  In reality this is more of an old wives tale.  The speed at which you build inbound links to a website can help or hurt your rankings only in the matter of how well you are rewarded.  There are no negative effects of building links to fast, you simply will not receive the positive benefit of building links slowly or consistently.

The rate that new links are added to a website are not near as important as the consistency. If Google sees one link a day being added every day and then all of a sudden there are 500 new links in one day, they are not going to yank your site from their search results, but they will not count these links as valid back links to your site either. Google is looking for natural and organic links to your site, so if you keep this in mind when you build links you will see how Google takes note and your site will be rewarded accurately.

So the answer to the question is no you will not be banned from Google if you add a gazillion links in one day, but it can be much more beneficial to go slow and sure instead. Hopefully this puts the rumor about building links to fast to rest once and for all. Another reason that Google simply cannot give a negative effect for quick link building is that any competitor of yours could use this as a tactic to bring your site down.  Google does try to make it hard for others who are trying to hurt your site, to be able to do anything that can really effect your rankings through time and this is just one of their default failsafe features in place.