Rated 5 out of 5 stars
If you want something that automatically converts text based on criteria to links or something clever like that there are extensions available.
However, if you want something that simply opens the highlighted text (whatever it is and however it is formatted) in a new tab, as if you'd typed it in the navigation bar then this is for you.
I find this more versatile, flexible and reliable than more complicated solutions that try (and often fail) to interpret sometimes deliberately obfuscated urls.
As mentioned in the review below, being able to use this for text in editable text boxes would be the icing on the cake, but it's still excellent as it is.