Links has the following shared library dependancies:
linux-gate.so.1 => (0xffffe000)
libSDL-1.2.so.0 => /usr/lib/libSDL-1.2.so.0 (0xb7f60000)
libpthread.so.0 => /lib/tls/libpthread.so.0 (0xb7f49000)
libtiff.so.3 => /usr/lib/libtiff.so.3 (0xb7ef9000)
libjpeg.so.62 => /usr/lib/libjpeg.so.62 (0xb7edb000)
libpng.so.3 => /usr/lib/libpng.so.3 (0xb7ea8000)
libz.so.1 => /usr/lib/libz.so.1 (0xb7e96000)
libssl.so.0.9.7 => /usr/lib/libssl.so.0.9.7 (0xb7e65000)
libcrypto.so.0.9.7 => /usr/lib/libcrypto.so.0.9.7 (0xb7d5f000)
libdl.so.2 => /lib/tls/libdl.so.2 (0xb7d5c000)
libgpm.so.1 => /usr/lib/libgpm.so.1 (0xb7d56000)
libm.so.6 => /lib/tls/libm.so.6 (0xb7d33000)
libc.so.6 => /lib/tls/libc.so.6 (0xb7c19000)
libstdc++.so.6 => /usr/lib/libstdc++.so.6 (0xb7b48000)
libX11.so.6 => /usr/X11R6/lib/libX11.so.6 (0xb7a7c000)
libXext.so.6 => /usr/X11R6/lib/libXext.so.6 (0xb7a6e000)
/lib/ld-linux.so.2 (0xb7feb000)
libgcc_s.so.1 => /usr/lib/libgcc_s.so.1 (0xb7a65000)
libncurses.so.5 => /usr/lib/libncurses.so.5 (0xb7a25000)

Being that it is not compiled with X11 support, it does not make sense to compile it with these dependancies.

For example:

# links -g
Could not initialize any graphics driver. Tried the following drivers:
fb:
Could not get VT mode.

I recommend either recompiling it with only textual support, or recompiling it with full X11 support and updating the dependancies. Being that dillo is a far better "ultra-light" X11 browser, it makes sense to not require X11 for Links, or provide a links-graphical package.