Yes, backlinks from high ranking sites will definitely help your rankings and in turn increase your traffic. That's why submitting your sites to high ranking sites like Digg, Stumbleupon and Reddit is important.

Also, when you submit articles to high page rank sites like Ezine Articles and Go Articles, this gives you one-way backlinks which is even better! Of course you place a link back to your site, using your targeted keywords as the link, in your author box.

Hope you understand it better now!