As I have said to many peeps, if I can learn to do this, so can you.

1. Find a link that you want to make pretty - photos, youtubege, articles, blogs...whatever.
2. Click (highlight) on the http address and copy it.
3. In your post type the following code:
<*a href=(insert your link here)>(type in you pretty link words here)<*/a>

Leave out the * and you are good to go. I just put in the * so you can see the code.
Example with * so you can see what I typed.

<*a href=http://farm3.static.flickr.com/2483/3585592567_276225f4b2_o.jpg>Smishy Face Andy<*/a>

Example without * so all you see is the pretty link.

Smishy Face Andy

4. Preview your post to make sure you've got it right.

Bonus:
Code for citing a post: <*cite> What? (tm Sue) <*/cite>
Again leave out the *: What? (tm Sue)

Code for bold: <*strong>BE SURE TO CLOSE YOUR CITE AND BOLD WITH THE / AT THE END!<*/strong>
Again leave out the *:BE SURE TO CLOSE YOUR CITE AND BOLD WITH THE / AT THE END!

Voila! Feel free to PM me if you need to test it out. Of course you'll have to let me know you've PMed me: Stupid Notification System!