Click the http:// button.
Type whatever you want the link to say. (Toonzone)
Type the address. (http://toonzone.net/)
You get this <URL=http://toonzone.net/>Toonzone</URL>, but with [ ] instead of < >. In the post it looks like this Toonzone.
If you want the link to look like this http://toonzone.net, then all you have to do is type it like this <url>http://toonzone.net</url>, using [ ] instead of < >.
If you have the option Automatically parse URLs checked in the section under where you type your posts then all you have to do is type http://toonzone.net and it will automatically be turned into a link.
If you want a link that is a picture then press the "http://" button and type the code for an image (<img>http://www.toonzone.net/images/tz4/row1-01.gif</img>, with [ ] instead of < >) where you type what you want it to say. It will look like this <URL=http://toonzone.net><img>http://www.toonzone.net/images/tz4/row1-01.gif</img></URL> with [ ] instead of < >.
When you make the post it will end up looking like this