When you edit a post, you can just paste the link to some website. Usually the forum software can figure out it's a link and will show it as a clickable link.
It does have to start with "http://" or "https://" so if you just have http://www.example.com or example.com that's not enough, but http://example.com should show up as a link. (It looks like the software does recognize links starting with www).
Some links are very complicated and use special characters. The forum software may refuse to convert them.
If the link is to an image and you would like that image to be shown (instead of showing the link), you first click on the "Img" button, which inserts a start and ending code for your image link.
You then paste your link between them. (The cursor normally should position itself correctly for the pasting).
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[img]http://www.example.com/test.jpg[/img]
Now, there isn't any image at "example.com", but how about this
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[img]https://farm2.staticflickr.com/1687/24566395006_5597a16f43_c.jpg[/img]
which shows as a very nice image of a daysailer
For more on image posting see the thread on that subject.
For links, one final option: if you enclose the link with "URL" commands
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[url]http://www.example.com[/url]
you can provide a friendly name, as in:
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[url=http://www.example.com]See this example[/url]
which will show as:
See this example
Note how the = precedes the link and the friendly text is now where the link was before.