The Name you specify here (Figure 4-39) will be used as the linked text. Copy the link URL into the web address field. If you'd like to stop there, you can! All the other fields are optional.
Depending on how your theme handles links, the description might be shown as text or as a title attribute on the link tag, which will be shown when you hover over the link.
Links do not use the same group of categories that posts do. If you've just installed WordPress, you'll have one link category, Blogroll. You can manage your link categories by choosing Categories in the Link section of the main navigation menu. If you don't choose a category when adding a link, the default you specified in your Writing settings will be used.
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