Or simply code URL html/bb code, so you could have
[url="http://www.whateverthehellyouwant.com/dasfasfasfsa/asfdasfassfas"]My Link[/url]
and you'd see:
My Link
[url="http://www.whateverthehellyouwant.com/dasfasfasfsa/asfdasfassfas"]My Link[/url]
and you'd see:
My Link