I wouldn't recommend allowing users to enter in URLs, as it SCREAMS "Abuse Me!" to idiots and spammers.
Ultimately, you'd need 2 places to enter in data for each line: One for the URL, one for the text. Assuming you'd use profile fields for both of them, you'd have to do something like this:
EDIT TEMPLATE: Dropdown Information - Manual
Find the fieldID that you want to have a link.
EXAMPLE: CHANGE:
Code:
<tr><td class="vbmenu_option">Motherboard: $post[fieldY]</td></tr>
TO:
Code:
<tr><td class="vbmenu_option"><a href=$post[fieldX]>Motherboard: $post[fieldY]</a></td></tr>
Where fieldX = the profile field ID that contains the URL, and fieldY = the profile field ID that contains the text.
You can use some if statements to clean it up in various ways depending on what you want to do, but that's the gist of it.