I have created Link Lists and Announcement Lists in SPS.

I now expose them to the end users as web parts on web part page.

Once these web parts are placed on the page you get "Add New Link"
and "Add New Announcements" at the bottom of these lists in webparts.

Is there a way to hide the "Add New ..." link if the user has "Reader"
profile or if its not possible for "Reader" profile then for everyone
(Individuals with permissions will still be able to go to the list and
add the items).

I guess this can possibly be accomplished by opening up the web part
page in Front Page and editing the web part but will that not lead to
unghosting.