Beavis,
You can still use BBCODE to do this directly:
(replace ( and ) with [ and ])
Code:
(url=www.yahoo.com)Yahoo(/url)
Outputs:
Yahoo
Or, you can just do what you are supposed to do with the button, and:
1. Highlight the text you want to link
2. Click the Insert Link button
Can't get any easier than that..
KRE8, I'll have this fixed shortly.