Mutternich replied on Permalink
You can embed links,
but you have to type in the HTML tags manually around the URL to make the link clickable.
Almost as easy for the viewer: up-to-date Windows browsers allow the viewer go to a non-embedded URL in the text simply by highlighting the URL, right-clicking on it to bring up the context menu, then choosing "open link in new tab." I viewed <a href="http://derekdevries.wordpress.com/2011/10/12/pr-watch-bungles-criticism-of-prsa-with-error-and-omission-riddled-attack/">Imprudent Loquaciousness</a> that way.