I have discovered that you are able to use BBcode for URLs. Here is the code:
[url="http://spartanwarfighters.com/xoops/"]text for link here[/url]
It would seem that more BBcode than originally anticipated works on this site. Hmmm, Taz were you just trying to throw us off?
Let me try another bit of BBcode:
Uhhh yeah. There's apparently no need to use the 'insert image' dialog. BBcode works fine.