Suggestion: Short urls in status updates

[Nervosa]

Lately I been seeig users post links in the status updates. While I dont see a problem with doing so, I feel it starts to become an eye sore when its done often with long links.
Is there a way to have the system recognize that a url has be posted then have a prompt for the user to include a text link?
Example useing a recent posted status.

Google dropped Wave. WOW that sucks. Source: http://www.computerworld.com/s/article/9180161/Google_drops_Google_Wave

Today, 08:40 PM

would then be

Google dropped Wave. WOW that sucks. [url="http://www.computerworld.com/s/article/9180161/Google_drops_Google_Wave"]Source[/url]

Today, 08:40 PM