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If you are interested in “embedding” a link in text on a webpage (such as a blog post or comment), you can use the proper html code to make it pretty.
For example, to say:
Click here to view a really cool video!
You would type:
<a href="http://www.youtube.com/watch?v=eBGIQ7ZuuiU">Click here</a> to view a really cool video!