Ok, what you are asking about is indeed a hyperlink, not something in place of a hyperlink.
To make one, you simply add the link URL to a set of [URL] tags with your descriptive word or words (like "here") in the middle.
As an example, the following code:
[url=http://thefiringline.com/forums/showthread.php?t=368640]The Browser Security thread
[/url] will improve your overall internet security.
Will look like this in the post:
The Browser Security thread will improve your overall internet security.
The tag set that makes it into a hyperlink is in bold.