Richedit에 메세지를 보내서 처리하시면 될 것 같습니다.
기본 기능만 구현해 보았습니다. 새 폼에 RichEdit를 하나 놓으시고 아래 소스를 해당하는 이벤트에 집어 넣으시면 됩니다.


//---------------------------------------------------------------------------

#include <vcl.h>
#pragma hdrstop

#include "Unit1.h"
//---------------------------------------------------------------------------
#pragma package(smart_init)
#pragma resource "*.dfm"

TForm1 *Form1;
int    LINKSTART = 0, LINKEND = 0;

//---------------------------------------------------------------------------
__fastcall TForm1::TForm1(TComponent* Owner) : TForm(Owner)
{
}
//---------------------------------------------------------------------------

void __fastcall TForm1::RichEdit1MouseMove(TObject *Sender, TShiftState Shift, int X, int Y)
{

TPoint            tpPosition;
int               itPosition;

tpPosition.x = X;
tpPosition.y = Y;
itPosition   = RichEdit1->Perform(EM_CHARFROMPOS, 0, reinterpret_cast<LPARAM>(&tpPosition));

if(LINKSTART && LINKEND && (itPosition >= LINKSTART && itPosition <= LINKEND)) {
   RichEdit1->Cursor = crHandPoint;
  } else {
   RichEdit1->Cursor = crDefault;
}

}

//---------------------------------------------------------------------------

void __fastcall TForm1::RichEdit1MouseDown(TObject *Sender, TMouseButton Button, TShiftState Shift, int X, int Y)
{

TPoint            tpPosition;
int               itPosition;

tpPosition.x = X;
tpPosition.y = Y;
itPosition   = RichEdit1->Perform(EM_CHARFROMPOS, 0, reinterpret_cast<LPARAM>(&tpPosition));

if(LINKSTART && LINKEND && (itPosition >= LINKSTART && itPosition <= LINKEND))
   ShellExecute(NULL, "OPEN", "http://www.borlandforum.com/", NULL, NULL, NULL);

}
//---------------------------------------------------------------------------
void __fastcall TForm1::FormCreate(TObject *Sender)
{

String            stString;


RichEdit1->Lines->Clear();

RichEdit1->Lines->Add("RICHEDIT 컨트롤 테스트");
RichEdit1->Lines->Add("");

RichEdit1->Lines->Text = RichEdit1->Lines->Text + "볼랜드 포럼으로 들어가시려면 ";

RichEdit1->SelStart             = RichEdit1->Text.Length() - 1;
LINKSTART                       = RichEdit1->SelStart;
RichEdit1->SelLength            = 0;
RichEdit1->SelAttributes->Color = clNavy;
RichEdit1->SelAttributes->Style = TFontStyles() << fsUnderline;
RichEdit1->SelText              = "이곳";

RichEdit1->SelStart             = RichEdit1->Text.Trim().Length();
LINKEND                         = RichEdit1->SelStart;
RichEdit1->SelLength            = 0;
RichEdit1->SelAttributes->Color = clBlack;
RichEdit1->SelAttributes->Style = TFontStyles();
RichEdit1->SelText              = " 을 눌러주세요";

RichEdit1->Lines->Add("상단을 누르면 이동됩니다");

RichEdit1->Lines->Add("");
RichEdit1->Lines->Add("RICHEDIT 컨트롤 테스트 끝");


}
//---------------------------------------------------------------------------



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