Hi DJ,
It's a pretty simple process, and very powerful. To insert a link in your content, just click the link button just above the smiley icon in the editor.

At this point, you can link items a couple of ways. You can link external content, which will show up as a simple link, or you can link to content elsewhere on the community site, which is decorated with the appropriate icon for the type of content you're linking to. You can either search for content, or just pick one from your browser history. Sweet.

The link to AJ's profile shows up as follows:
AJ Alley
Hope this helps!