Turn text into links

[jumper]

First of all I'm using the most current version of GS. And I am using the default template. I just learned how to edit the content on the right column. What I would like to know is how to turn the text in to a URL link?

And another question to go along with this... Is the code used BB code? If so I'm guessing that I could use "bracket url bracket, bracket, /url to turn the text into a link.

Thanks for taking the time to read