How do I make a snippet with a web link?

To make a hyperlink in a snippet:

1. Create a Formatted Text snippet. Do that by setting the Content: popup menu, located just above the field for the snippet body, to: Formatted Text, Pictures

2. Place a complete web address in the snippet, such as: http://smilesoftware.com/. Your link should now be active. If your link does not appear to immediately activate, select it and control-click on it. In the contextual menu, select Make Link

You can also edit the visible text to say something else by typing your new text within the now active link, and then deleting the original link text from around it. You can even include an image in your link by dragging and dropping it into the link from Finder. You then delete the text of the link.

This interface is common across Mac OS X applications which allow editing rich text in a text view, such as TextEdit. It is not unique to TextExpander.