X,

After some searching, apparently vBulletin changed how it works...

suppose you want a link for "www.straightrazorplace.com" displayed as the text "[here]"... try this:

type [here] and highlight it, then click the "Insert Link" button and paste/type the www.straightrazorplace.com in the popup and click ok.

That seems to work, but IMHO I can't say I think it's necessarily an enhancement over what they had before.