[itsid]

xanthide,
you can set up a new custom vB Code like [hurl] or something, then let it replace by:
[hide][url={option}]{param}[/url][/hide]
make sure to mark use option as YES.
this will hide every link posted by [hurl] (or whatever you like)

cagbaazee,
well maybe you tried with the standard settings...
then it won't work in some forums (set in acp) also you will always see your own hidden content so you need at least 2 Accounts to make a full test.
Oh.. and I've attached a 3.5.x version somewhere in this thread, I cannot remember the exact post, but you'll find it using "search this thread" i'm sure.

'sid