There aren't even 300000 search engines! Submitting to these types of things are nothing but an invitation for spam! DON'T DO IT.
And YES, you can get banned for being in a link farm. Google has been quoted as saying that if you gain too many identical links too fast, you very well run the risk of being banned for buying links. And yes, I have several friends that got banned because someone else (a competitor) put them in link farms) It took them a lot of phone calls to Google and tons of emails to get un-banned.
FREE TIP:
Spend your time exchanging links with other websites. Then you don't even need to submit to ANY search engines... they will FIND you!
But if you feel you MUST submit to the search engines, ONLY submit to DMOZ, Google, and Yahoo (MSN will find you if you're in these). They are free and you'll get to 99% of the Internet users.
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Greg Mazurek
Find
Orange County Real Estate info and online Orange County MLS Search.