What I would recommend is you add another column to your table to store the modified text. Have an original_text column, and a linked_text column. Set up a cron job to run every so often that checks for original_text with no linked_text set up. Load up the original text, break it up into words by using explode(). Search for each word in the dictionary. If it exists, then add the link in around the word. Then save this new text to the linked_text column.
You don't want to do this for each page request because it would take too much time. If a linked_text doesn't exist (is null) then just show the original_text column.
You could even have your cron job go through all of the entries, in case one was edited, or have an edited column that it searches for.
If you don't know much about cron, do a search for it on here or www.devshed.com, it's been discussed many times...
Anybody else got a way to do it?
---John Holmes...