I am having trouble posting pretty links... just testing here.
OK, got it to work. Here is what I had to do to get it to work...
1. Type something (in this case 'test')
2. Highlight the text
3. Click 'Insert/Edit Link' button
4. Type in full URL including http://
5. If you add title it will be in the hover box.
I am not sure why you have to highlight the text first, but that is the only way I could get it to work. Otherwise the 'Insert/Edit Link' doesn't seem to do anything.