Adding a link is really quite easy.
Type in your text–highlight it–then click the link option above the text editing box and it will prompt you for the URL you want to link to.
If you have an older admin panel (pre-2009) you add links like this:
Below is a sample link.
<a href="http://www.bigfolio.com" target="_blank">BIG FOLIO</a>
1. manually type this code into the text box for the page you are editing/ want to add the link to. (do not copy+paste the code or it will cause formatting issues and will not work properly)
http://www.bigfolio.com/ is the address you want to link to, replace with your link.
3. where BIG FOLIO is in the link below.. that is the text you can replace to show how you want your link to read on the front end page (what the visitor will see).