You mean if a user typed
http://www.tibetanmastiff.com/main_files/img11.jpg you want that to be instantly translated to "Dog" in their message? Sounds like magic.
Sorry, but placing URLs inline still requires the two step process of typing "Dog", highlighting it, and pressing the "insert link" key.
BTW, I use
Ditto and it often intelligently copies URLs, leaving a good inline.