Yeah you do, and it works like
this. I haven't seen it in any reports, but it's certainly functional in the forums. You can do this two ways, one is to use the URL button above the text box when making a post or reply the other is by typing it out, [ url=add your link ]selected word to refer to link goes here[ /url ]. Extra spaces added between brackets to show the "code".
As many may know, I use this feature all the time.
![Wink [wink]](./images/smilies/msp_wink.gif)