Have you thought about using a full text index? It might be helpful in identifying records with links. You'd need to be careful with which stemming characters you use to avoid breaking the links up though.

http://technet.microsoft.com/en-us/library/ms345119(v=sql.90).aspx

For parsing the links from the data, I'd be tempted to handle this outside of sql server. You might find that a parsing function built in C# or VB.net and called via CLR performs better.

http://technet.microsoft.com/en-us/library/ms345136(v=sql.90).aspx

http://www.pawlowski.cz/2010/09/string-splitting-t-sql-vs-clr/