[whpalmer4]

Yes, if you have your preferences set so that typing a URL does not make it into an attachment ("Automatically create attachment from typed URLs" in the General tab is unchecked), you can select a URL in the text, control-click on it, and choose "Make Link" from the resulting popup menu. You can also edit the link similarly. If you need to make a document that has both styles of URL, you just set the preference back and forth as needed while constructing it.