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Take the following (and similar variations with things such as rel="nofollow" or target="blank") if it appears in a post
<a href="http://www.yahoo.com">Text<a>
and have it changed to a clickable link just as the code above does.
Other things to consider
It can keep the link text if it exists
Do not want to do anything with other links in the post that have already been changed - so this should be processed before the other link changing code