Okay, this is my version of the wrap text as link command. It seems to be failing elegantly now, although I need some testing on other installations as there are some inconsistencies between my two machines.
It recognizes a link in the clipboard, with or without the leading protocol, and grabs the title for the page off the net to insert as the title of the link. If there is no protocol on the link it will attempt to use http://. If the link is bogus or unreachable it will insert the link that it found but put "Unknown" for the title. Both the link and the title are tab-stopped. I have it set up under CTRL- SHIFT-L so that you can choose between the original and the link with title. Even if you cut out the title grabbing part, it's still seems like a better way to recognize a link in the clipboard and utilize it.
Brett