Add-on Replace Text with URL

Hey guys,
I'd like an addon that allows text to be replaced with a hyperlink automatically in every post (past and future). Almost like the censorship software already built in.

For instance, if a user posts a sentence:
The dog is taller than my cat.

I can replace a single word or words of my choice with a hyperlinked version of that word to a specific URL, automatically:
The dog is taller than my cat.

It would be ideal if the text replacement was limited to post content and not titles. Any takers?
Yep, exactly the same request.

I'm actively trying to just modify the censorship software to work for this purpose. It looks like it applies the "htmlspecialchars" option to all the text, forcing it to render as text and not as a hyperlink. If I can find the bit of code to get rid of/modify I'll let you know.