If A is a nonsingular real algebraic curve of degree m, we show that there is a link cobordism of specified topological type between a link which depends only on the isotopy type of A and a link which depends only on m. We prove a generalization of the ΊϊistramMurasugi inequalities for link cobordisms and apply it to this situation. 0. Introduction. In this paper, we will show that if a certain collection of simple closed curves, C, can be realized as a real algebraic curve of degree m then there is a cobordism of specified topological type between two links in a 3-manifold Q. Q may be described as S3 modulo the quaternion eight group. One link, L(C), depends only on C, and the other link depends only on m. This is our main result. It was announced at the Durham 4-manifolds conference in 1982. Since then it has been reformulated and improved with two addenda. Many of the known restrictions on link cobordisms in S3 may be generalized to obtain restrictions on cobordisms in Q-homology 3-spheres. In [G3], we will develop the theory of 2-signatures and 2-nullities in a rational homology 3-sphere, and derive the generalized TristramMurasugi inequalities in this context. We will consider non-orientable as well as orientable cobordisms. Applying these results to the cobordism in / x Q, we have obtained proofs of the strengthened Pretrovski inequalities, and the strengthened Arnold inequalities ((3.4), (3.5) (3.6) (3.7) (3.8) (3.9) of Viro's survey article [V]). Applying this same result to the lift of this cobordism to a covering space of Q, we have obtained Zvonilov's inequality ((3.23) of [V]). These derivations will appear in a sequel to this paper [G4]. Another result for links in S3 states that the Arf invariants of two proper links in S3, which are related by a planar cobordism, must be the same. The correct generalization of this result to links in a rational homology sphere will appear in [G3]. Applying these results to our cobordism in Q and lifts of it to certain covers, we have rederived Rokhlin's congruence for M-curves, the related congruence for M - 1 curves. (3.2) (3.3) [V] and Fiedler's congruence [Fl]. These results will be included in