A useful function if you want to convert a link in plain text into a clickable link...

<?php
function clickable_links($text) {
  $text = eregi_replace('(((f|ht){1}tp://)[-a-zA-Z0-9@:%_+.~#?&//=]+)', '<a target="_blank" href="\1">\1</a>', $text);
  $text = eregi_replace('([[:space:]()[{}])(www.[-a-zA-Z0-9@:%_+.~#?&//=]+)', '\1<a target="_blank" href="http://\2">\2</a>', $text);
  return $text;
}