Simply create a User Field with a textarea. Have users input it like:
Code:
LinkName|LinkURL
LinkName2|LinkURL2
When it comes to display time explode() the userfield by a newline "\n" (double quotes important here).
trim() the output (use array_map() if you need to).
Then explode() each line again by a '|'.
Run a regex check on the LinkURL (to make sure its valid)
Finally, run LinkName through htmlspecialchars() (or the vB function htmlspecialchars_uni()).
Information on each function can be found on php.net. (Just type in http://php.net/function_name in your browser or use the search feature on their site).