VB5 already has a link formatting system built in using the link button on the top of the editor. Here is the result of entering vbulletin.com into the link button form.
I've never been a fan of banning sites automatically based on what one person does. IE: Vbulletin gets spammed periodically from chinese sites in their sales questions forum. Someone posts a link on your forum to the spam post on vbulletin. Now vbulletin.com is in the bad link database and nobody can post links to legitimate vbulletin forum posts. This is just one example.
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