Can we find broken links automatically?

While submitting our blogs to directories and other blogs, we are mostly asked to place a reciprocal link.

Ok, we abide by it obediently and the links take their position in our blogs. But after some time, these links when clicked on point to a 'No page found' error message. This means, the said website or blog disappeared from the server.

This creates a bad image on us and search engines also don't view it friendly. But is is not possible for us to check the links every now and then.

I found out a website that solves our problem. If you key in your website or blog, it immediately notifies all the broken links.

Here it is that website. 1hit.com
Thank you 1 hit.