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Is this just looking up alumni that you have never met and emailing him/her your info? Anyone know how effective this method is?

I'm not sure what you mean by "emailing your info" but I have contacted tons of alumni, and had many positive phone calls and conversations. I would email them telling them how much I enjoy speaking to alumni and learning about their experiences. I would ask a few questions, and mention that I'd be happy to speak over the phone. I would then set up phone calls and chat with them.

You have to approach it from the mindset of making connections and friends, learning as much as you can, getting the downlow on the inside of a firm, etc. DO NOT approach it with the mindset of "I want a job" or "I want you to help me get a job" because that won't induce someone to help you.

Once I got friendly, I emailed my resume, just asking them if they could take a look and critique it, since I always appreciate a fresh set of eyes. Once I worked in their suggestions, I asked if there was anyone else in the firm they recommended I forward it to. It was at that point where I would see if this person was really willing to go out of their way to help me. Some did, while some just directed me to the hiring contact. If you approach the whole process in the right mindset, it can certainly help, and you can make some lasting contacts.

Yeah just send them an email saying you are a student from their alma mater looking for advice. Always ask for advice, not a job. A lot of people I contacted this way were very receptive and happy to give help. In my first email I would just say I was interested in the firm they were at and wondered if they had any advice on what qualities the firm was looking for in a summer. Then they would usually say something like send me your resume, and stuff like that. With the ones I was able to set up meetings or phone calls with, sometimes they would then offer to personally take my resume over to the recruiter.

By the way, don't be afraid to reach out to alumni at any level. Some of my best responses came from people at V5 firms.