What are the elements of an effective viral content?

I'd like to open this discussion to learn more about virality and hear what fellow Warriors think about it.
I hope I receive sensible and though-provoking responses here, as it would help me put this in writing.

Here are my questions so far:

1. How can we make things go viral?

Does this always mean that there should always be a story to go by (yellow journalism) or try a method from scratch that hopefully would catch on?

I am asking this because I am interested to know more about the birth and development of memes, vines, satire news and online events.

2. Is this purely accidental or can be manipulated?

Many companies are employing viral marketing strategies in their Integrated Marketing Communication Strategy. Can this truly be fabricated rather than accidental? What do you think makes people want to share stories, pictures and videos? During the course of my observation, a scandal/controversy is mostly the glue that binds a ho-hum story, person or event to a viral content. I would like to know if you believe in these sentiments too.

3. How does Link Baiting and Traffic go hand in hand?

If all you ever wanted was to make a worthwhile content (whether created for this purpose or accidentally shared and spread over the internet), how would you protect your ownership--or in another school of thought, would you rather let it free on the range for the internet to appreciate? Like your gift to the Worldwide web? (I know it's all about the money, but artists like me get fulfillment just by being acknowledge. Money comes second)


I would like to thank in advance everyone who could share an input here.