If this is a link to another web site (http://www, etc), you will need to type in the www address & then click on the HTTP radio button. The program will automatically supply the 'HTTP://', as well as all the other link tag parts for you.
If this link is to a Named Anchor within this document, you can either type in the name of the anchor, or choose the anchor from a pull down list of all the Named Anchors on the page ('grabbed' for you automatically), and then click on the Named Anchor radio button. This provides all the appropriate HTML tag syntax for you.
Also, if you are creating a link which will be used in a frame, then, the optional 'Target Name' text box can be used to supply the name of the target frame in which you want it to appear.
And last but not least, if you click in the 'None' radio button, the default link, not referencing a named anchor or an external URL will be used.
As with most of the other items, the Link command is available in the formatting pull-down menu as well as the HTML Toolbar.