Word automatically turns a web address into a link when you press Spacebar or Enter, if you typed "http://" at the beginning.
If you want to link from "friendly text" in your document, the fastest way is to start by copying the address to the clipboard:
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Copy the address from your browser's address bar.
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Go to your document in Word, and select the text that you want to be the link.
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Press Ctrl+K
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Paste the address and press Enter.
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Later, if you want to change the link, right-click it and choose Edit Hyperlink.
