1 - A link on your web page does not lower the PageRank of the linking page.
2 - A reciprocal link back to one of the pages on your site might increase the PageRank of the page being linked to or it might not (depending on the actual PageRank of the page linking back).
3 - Any PageRank gain of the page linked to in #2 above might increase the PageRank of other pages on your site (depending on your site's linking structure).
4 - #1 and #2 are completely independent of one another. CBP is right - linking out does not lower PageRank but a reciprocal link might increase it a bit.
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