If you'd like to include a link to a URL in your Google spreadsheet, simply enter the URL in the cell. Whenever this cell is selected, a small pop-up dialog appears. Click the URL from the dialog. If you want a cell to include a URL without a hyperlink, click Remove in the window that appears when you point your mouse to the link. If you want to add the hyperlink again, right-click the cell and select Show hyperlinks.
If you'd like to include a link to a specific URL, but you want this link to be indicated by text (for example, instead of "www.google.com" appearing in your cell, you want the viewer to be able to link to Google.com from the phrase "search the web"), enter this hyperlink formula into the cell:
=hyperlink("www.google.com";"search the web")
Replace "www.google.com" with the URL of your choice, and "search the web" with the text of your choice. After you've done this, only the text linking to that URL appears in the cell. Click the text to open the pop-up dialog again with the URL.