Quoting Marc Poris marc@funnymonkey.com:
...the advice everyone else is giving about CCK/Links/etc... is good advice. if you want something lightweight that works out-of-the box, try the userlink module
http://drupal.org/project/userlink
it's been ported to 5.x, and while i think it should be a simple CCK extension module someday, at the present it is a standalone module. use it along with Tagadelic for some good fun. there's a 4.7 demo here:
http://demos.funnymonkey.com/userlink
if it's what you were looking for, and you weren't able to find it by searching the Drupal site, please feel free to contribute some better wording to the module description for me.
May I suggest you also add http://drupal.org/project/pathauto to the mix? The pathauto module will give your URL' rememberable paths. So for instance your URL http://demos.funnymonkey.com/userlink/taxonomy/term/4 could become http://demos.funnymonkey.com/userlink/term/drupal or even just http://demos.funnymonkey.com/userlink/drupal depending on the configuration.
On your demo site I would expect to see write up explaining how a user might add new links including screenshots to help with the explanations.
Earnie