One thing you could do is use a robots.txt file to prevent search engines from crawling pages with outbound links. Then no PR is lost because the search engines aren't even crawling those pages. But keep in mind that any internal links on those pages won't be counted either. This is common to do with a directory.

Another thing you may want to try is to use a script that redirects users to external sites (example: http://www.domain.com/outboundlinks.php?id=linkidhere) and then put outboundlinks.php into your robot.txt file. Then the search engines won't follow the links because they can't access the script that does the redirect. Why would you want to do this? Becasue search engines do follow redirect scripts so the PR is being sent out of your site anyway.

The latest technique available is to put 'rel="nofollow"' in your anchor tag. Google, and others I do believe, will not follow these links and in Google's case not pass along PR.

FYI, cloaking any content will get you banned.

It seems to be about tricking everybody and everything. First trick the search engines then trick the visitor. Seems to me like you have a bad case indeed, something similar to the ever contagious Adsense flu.

I recommend that you take two aspirins, get a good night sleep then concentrate on creating something meaningful for the Internet.