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).
In the old modification, the URL, THREAD and POST tags could be used to link without neccesarily opening all the links in a new window.