You can use the Hyperlink Manager found within the Content Editor to link text and images.
To create a text hyperlink, highlight the text using your mouse and then select the Hyperlink Manager icon found in the Content Editor text-editor tool bar.
The Hyperlink Manager will appear and provide you with several linking options. You can link an item to an outside URL by entering the full http:// URL path into the URL text box or use the Browse button to link a page or file within your site. You can specify if you want the link to open in the same window or in a new window. You also have the ability to use Anchor links as well as create e-mail links by selecting the corresponding tab. When you are done with your link setup, select the OK button to add the link to your editor.